Total tax collections for the fourth month of fiscal 2007 were $19 million above the October benchmark of $1.227 billion that was based on the full year estimate of $18.930 billion. Year-to-date collections were $5.750 billion, an increase of $199 million or 3.6 percent over the same period last year. Fiscal '07 collections are $16 million above the benchmark based on the yearly revenue estimate of $18.930 billion.
The revenue estimate for fiscal '07 was recently revised to $19.132 billion. As DOR did last year at this time when the revenue estimate was increased, the October benchmark was left unchanged. New monthly benchmarks corresponding to the new estimate of $19.132 billion will be released soon.
"Although a small month overall, October did show some good signs," LeBovidge said. "Sales and use tax collections increased by 8.2 percent over last year and total collections were improved even though last October's numbers were inflated by a one-time $35 million settlement in the WorldCom bankruptcy."
Income tax collections for October totaled $723 million, an increase of $7 million or 1.0 percent over last October. Withholding tax collections totaled $655 million, a decrease of $5 million or 0.7 percent. Sales and use tax collections were $359 million, up $27 million or 8.2 percent. Corporate and business tax collections were down $17 million largely because last year's corporate collections were inflated by the $35 million WorldCom settlement.
Year-to-date income tax collections were $3.207 billion, an increase of $149 million or 4.9 percent. Year-to-date withholding tax collections were $2.659 billion, an increase of $100 million or 3.9 percent. Year-to-date sales and use tax revenues were $1.401 billion, an increase of $19 million or 1.4 percent. Year-to-date corporate and business tax collections were $532 million, an increase of $6 million or 1.1 percent.
October 2006 Tax Collection Summary - Preliminary as of November 1, 2006 (PDF)