Revenue Commissioner Alan LeBovidge today announced that preliminary revenue collections for July were $1.248 billion, an increase of $60 million or 5.0 percent over last July. About $30 million on the increase can be attributed to the timing of income tax withholding payments.
Total tax collections for the first month of fiscal 2007 were $12 million below the July benchmark. That estimate was computed using the fiscal '07 consensus benchmark of $18.975 billion.
"July is a light revenue month," LeBovidge said. "Collections were improved over last year except for sales and use tax. If there is a trend in the past few months it is that sales and use tax collections have been weak."
Income tax collections for July totaled $693 million, an increase of $48 million or 7.5 percent over last July. Withholding tax collections totaled $669 million, an increase of $50 million or 8.1 percent. Sales and use tax collections were $361 million, down $8 million or 2.2 percent. Corporate and business tax collections totaled $50 million, an increase of $4 million or 9.1 percent
July 2006 Tax Collection Summary - Preliminary as of Aug 1, 2006