Total tax collections for the third month of fiscal 2007 were $31 million above the September benchmark. Year-to-date collections were $4.505 billion, an increase of $170 million or 3.9 percent. After three months, fiscal '07 collections are $1 million below the benchmark.
"Overall September was a good month and it helped make up most of the ground lost in the first two months of the fiscal year. It was a good first quarter for collections,'' LeBovidge said. "Perhaps the only note of concern is the 21 percent decline in deeds excise tax collections that confirms a real estate slowdown."
The two-day sales tax holiday in August seemed to have little impact on sales and use tax collections for September. August sales and use tax collections are reported and paid by retailers in September. This year's total was up slightly from last year. The true impact of the Sales Tax Holiday Weekend will not be known until December when DOR completes its analysis.
Income tax collections for September totaled $1.133 billion, an increase of $107 million or 10.4 percent over last September. Withholding tax collections totaled $702 million, an increase of $76 million or 12.0 percent. Sales and use tax collections were $332 million, up $5 million or 1.6 percent. Corporate and business tax collections totaled $443 million, an increase of $10 million or 2.3 percent over last September.
Year-to-date income tax collections were $2.483 billion, an increase of $141 million or 6.0 percent. Year-to-date withholding tax collections were $2.005 billion, an increase of $104 million or 5.5 percent. Year-to-date sales and use tax revenues were $1.041 billion, a decrease of $9 million or 0.9 percent. Year-to-date corporate and business tax collections were $524 million, an increase of $22 million or 4.4 percent.
September 2006 Tax Collection Summary - Preliminary as of Sept. 2, 2006 (PDF)