Friday, September 1, 2006
Revenue Commissioner Alan LeBovidge today announced that preliminary revenue collections for August were $1.187 billion, a decrease of $18 million or 1.5 percent over last August. Total tax collections for the second month of fiscal 2006 were $19 million below the August benchmark.
Year-to-date collections were $2.434 billion, an increase of $40 million or 1.7 percent. After two months, fiscal '07 collections are $33 million below the benchmark.
"Traditionally, the first two months of the fiscal year are among our smallest for collections," LeBovidge said. "It is only after September collections are recorded that any meaningful trend can be determined."
The monthly sales tax collections, it should be noted, were not affected by the August 12-13 sales tax holiday weekend. Sales tax collected in August will be reported and paid to the Commonwealth in September.
Income tax collections for August totaled $655 million, a decrease of $16 million or 2.4 percent over last August. Withholding tax collections totaled $633 million, a decrease of $22 million or 3.3 percent. Sales and use tax collections were $345 million, down $9 million or 2.5 percent. Corporate and business tax collections totaled $31 million, an increase of $8 million or 32.3 percent over last August.
Year-to-date income tax collections were $1.349 billion, an increase of $34 million or 2.6 percent. Year-to-date withholding tax collections were $1.302 billion, an increase of $29 million or 2.2 percent. Year-to-date sales and use tax revenues were $707 million, a decrease of $17 million or 2.3 percent. Year-to-date corporate and business tax collections were $81 million, an increase of $12 million or 17.2 percent.
August 2006 Tax Collection Summary - Preliminary as of August 31, 2006 (PDF)