Revenue Commissioner Alan LeBovidge today announced revenue collections for January totaled $2.051 billion, an increase of $130 million or 6.7 percent from last January. Year-to-date tax collections are $10.813 billion, an increase of $431 million or 4.2 percent over the same period last year. Year-to-date revenues are $95 million above the year-to-date benchmark based on the October 24, 2006 Executive Office for Administration and Finance Fiscal 2007 estimate.
Receipts for the seventh month of Fiscal 2007 were $8 million below the monthly benchmark based on the $19.132 billion estimate.
"January is our third or fourth largest month for tax collections because of withholding for year-end bonuses, income tax estimated payments and sales tax payments on holiday season purchases. While withholding and estimated payments were below target, very strong corporate collections including a one-time $37 million corporate settlement allowed us to virtually meet our monthly benchmark," LeBovidge said.
Income tax collections for January totaled $1.429 billion, an increase of $67 million or 4.9 percent from last January. Withholding tax collections totaled $815 million, an increase of $4 million or 0.5 percent. Sales and use tax collections were $403 million, up $16 million or 4.2 percent. Corporate and business tax collections were $65 million, up $37 million or 129.6 percent.
Year-to-date income tax collections totaled $6.308 billion, an increase of $291 million or 4.8 percent. Income tax withholding for the first seven months of Fiscal 2007 totaled $5.024 billion, up $236 million or 4.9 percent. Total sales and use collections were $2.449 billion, an increase of $37 million or 1.5 percent. Corporate and business tax collections for the first seven months of Fiscal 2007 totaled $1.007 billion, an increase of $75 million or 8.0 percent.