Robert R. Bliss
Revenue Commissioner Henry Dormitzer today announced that preliminary revenue collections for October total $1.210 billion, down $35 million or 2.8 percent from last October. Total tax collections were $35 million below the October monthly benchmark, which called for virtually no growth from the collection of a year ago.
Despite the October collections, FY08 year-to-date tax collections total $5.971 billion, up $223 million or 3.9 percent ahead of the same period a year ago, and $144 million above the FY08 year-to-date benchmark. This was the first month of FY 2008 in which the monthly collection has not exceeded that of a year ago.
"October is one of the smallest tax collection months, but one of the largest for refunds paid to corporations and businesses filing extensions in March and final returns in September. The increase in those refunds, along with weak sales tax revenues, offset growth in withholding collections, estimated payments and income tax payments with returns," Revenue Commissioner Henry Dormitzer said.
October income tax collections totaled $753 million, up $29 million or 4.1 percent and $33 million above the monthly benchmark. Sales tax collections totaled $357 million, down $1 million or 0.3 percent and $21 million below the monthly benchmark. Corporate and business taxes, with refunds included, netted a loss of $46 million, $52 million less than a year ago and $45 million below the monthly benchmark.