Revenue Commissioner Alan LeBovidge today announced revenue collections for March totaled $1.631 billion, an increase of $75 million or 4.8 percent more than last March. Year-to-date revenue collections totaled $12.867 billion, an increase of $954 million or 8.0 percent over the same period last year.
Receipts for March were $37 million above the monthly benchmark. Year-to-date revenues are now tracking $106 million above the revised fiscal 2006 benchmark of $18.158 billion. Collections are $529 million above the year-to-date benchmark based on the revenue estimate of $17.448 billion that was assumed when the fiscal 2006 state budget was enacted.
"March was another solid month for revenues," LeBovidge said. "Collections beat expectations in all major tax types except sales and use tax which were just slightly below the estimate."
Income tax collections for March totaled $501 million, an increase of $20 million or 4.2 percent from last March. Withholding tax collections totaled $707 million, an increase of $37 million or 5.5 percent. Sales and use tax collections were $292 million, up $10 million or 3.5 percent. Corporate and business tax collections in March were $715 million, an increase of $72 million or 11.2 percent over last March.
Year-to-date income tax collections were $6.897 billion, an increase of $447 million or 6.9 percent over last year at this time. Year-to-date withholding tax collections were $6.162 billion, up $331 million or 5.7 percent over last year. Sales and use tax collections for the first nine months of fiscal 2006 were $2.999 billion, up $118 million or 4.1 percent from the same period in fiscal '05. Year-to-date corporate and business tax collections were $1.685 billion, up $441 million or 35.4 percent over last year at this time.
March 2006 Tax Collection Summary (preliminary as of April 3, 2006)