Revenue Commissioner Alan LeBovidge today announced revenue collections for February totaled $854 million, an increase of $5 million or 0.5 percent over last February. Year-to-date revenue collections totaled $11.236 billion, an increase of $879 million or 8.5 percent over last year.
Revenue collections for the eighth month of fiscal 2006 were $8 million below the monthly benchmark. Year-to-date revenues are now tracking $70 million above the revised fiscal '06 benchmark of $18.158 billion.
"Historically a small month for collections, February's total was reduced by more efficient processing of income tax refunds," LeBovidge said. "On top of that, the average refund is up by 8 percent. While collections are rather flat for the month, the good news is larger refunds are getting to the taxpayers faster."
Income tax collections for February totaled $379 million, a decrease of $6 million or 1.5 percent from last February. Withholding tax collections totaled $668 million, an increase of $48 million or 7.7 percent. Sales and use tax collections were $294 million, up $16 million or 5.9 percent. Corporate and business tax collections were $37 million, an increase of $4 million or 11.9 percent.
Year-to-date income tax collections totaled $6.396 billion, an increase of $426 million or 7.1 percent. Income tax withholding for the first eight months of fiscal 2006 totaled $5.456 billion, up $294 million or 5.7 percent. Total sales and use collections were $2.706 billion, an increase of $107 million or 4.1 percent. Corporate and business tax collections were $970 million, up $368 million, or 61.3 percent.
February 2006 Tax Collection Summary (preliminary as of March 1, 2006)
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