Robert R. Bliss
Revenue Commissioner Henry Dormitzer today announced that preliminary revenue collections for September total $2.208 billion, up $139 million or 6.7 percent from last September. Total tax collections were $132 million above the September monthly benchmark.
FY08 year-to-date tax collections total $4.762 billion, up $258 million or 5.7 percent ahead of the same period a year ago, and $179 million above the FY08 year-to-date benchmark.
"While collections in the first three months of the fiscal year are running ahead of schedule, it is important to note that the underlying revenue estimates await revision on October 15. The current revenue estimates do not as yet factor in the growth that was experienced in estimated payments and capital gains in April and June," Dormitzer said.
The strength of September collections was mostly the result of strong income tax estimated tax payments and income tax withholding. Income tax cash estimated payments totaled $510 million, up $85 million or 20 percent higher than a year ago and $86 million above the monthly benchmark. "This is consistent with fast growth in the 2006 tax year that was mostly due to capital gains and may simply indicate that taxpayers are now making estimated payments based on the previous year's tax experience. It is too early to tell if there is real continued growth in income tax paid on capital gains," Dormitzer said.
September sales tax collections totaled $341 million, up $9 million or 2.6 percent and $11 million above the monthly benchmark, but corporate and business cash estimated payments which reflect current business profits were down $34 million, or 7.3 percent, $36 million below the monthly benchmark. Overall corporate and business collections increased $7 million, up 1.5 percent from a year ago.
FY2008 Year-to-Date Tax Revenue through September 28, 2007
September 2007 Tax Collection Summary (preliminary as of October 1, 2007)