Revenue Commissioner Alan LeBovidge today announced revenue collections for March totaled $1.768 billion, an increase of $141 million or 8.7 percent from last March. Year-to-date tax collections are $13.571 billion, an increase of $708 million or 5.5 percent over the same period last year. March revenues were $170 million above the year-to-date benchmark based on the January 30, 2007 Consensus Fiscal 2007 estimate of $19.300 billion. Receipts for March were $69 million above the monthly benchmark based on the $19.300 billion estimate.
Income tax collections for March totaled $553 million, an increase of $52 million or 10.4 percent from last March. Withholding tax collections totaled $761 million, an increase of $54 million or 7.6 percent. Sales and use tax collections were $290 million, down $3 million or 0.9 percent. Corporate and business tax collections were $799 million, up $88 million or 12.4 percent.
"Total collections were healthy for the month of March, due primarily to strength in corporate/business taxes and income tax withholding," Revenue Commissioner LeBovidge said. "As has been the case in recent months, sales tax collections were weak in March, with softness in motor vehicle sales tax and sales tax collections from housing-related industries."
Year-to-date income tax collections totaled $7.338 billion, an increase of $442 million or 6.4 percent. Income tax withholding for the first nine months of Fiscal 2007 totaled $6.532 billion, up $369 million or 6.0 percent. Total sales and use collections were $3.052 billion, an increase of $53 million or 1.8 percent. Corporate and business tax collections for the first nine months of Fiscal 2007 totaled $1.849 billion, an increase of $169 million or 10.0 percent.
March 2007 Tax Collection Summary (preliminary as of April 2, 2007)
FY2007 Year-to-Date Tax Revenue through March 31, 2007