Revenue Commissioner Alan LeBovidge today announced revenue collections for May totaled $1.376 billion, an increase of $49 million or 3.7 percent over last May. Year-to-date revenue collections totaled $16.453 billion, an increase of $1.196 billion or 7.8 percent.
Receipts for May were $24 million below the monthly benchmark while year-to-date revenues are trending $199 million above the revised fiscal 2006 estimate of $18.158 billion. After 11 months revenues were $875 million above the original benchmark for fiscal '06.
"Revenue collections continue to be strong, despite missing the monthly benchmark," LeBovidge said. "In May, the Department processed refunds faster than we assumed when creating the May benchmark. But we are victims of our own efficiency. If we had not exceeded our processing goals, revenues would have hit the benchmark for the month."
Income tax collections for May totaled $843 million, an increase of $42 million or 5.2 percent over last May. Withholding tax collections totaled $655 million, an increase of $27 million or 4.3 percent over last May. Sales and use tax collections were $327 million, down $6 million or 1.8 percent from last May. Net corporate and business tax collections in May were $54 million, an increase of $12 million or 29.4 percent over last May.
Year-to-date income tax collections totaled $9.435 billion, an increase of $658 million or 7.5 percent over last year. Year-to-date withholding tax collections were $7.455 billion, up $385 million or 5.4 percent. Sales and use tax receipts for the first 11 months of fiscal 2006 were $3.660 billion, up $127 million or 3.6 percent. Year-to-date net corporate and business taxes were $1.786 billion, an increase of $463 million or 34.9 percent.
May 2006 Tax Collection Summary (preliminary as of June 1, 2006)
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