April Revenues of $2.336 Billion at Historic High but Short of Benchmark
Revenue Commissioner Alan LeBovidge today announced revenue collections for April totaled $2.336 billion, an increase of $123 million or 5.6 percent from last April but $115 million below the benchmark corresponding to the January 30, 2007 Consensus Fiscal 2007 estimate of $19.3 billion. Year-to-date tax collections are $15.906 billion, an increase of $831 million or 5.5 percent over the same period last year and just $54 million above the year-to-date benchmark.
Income tax collections for April totaled $1.822 billion, an increase of $127 million or 7.5 percent from last April. Withholding tax collections totaled $691 million, an increase of $54 million or 8.4 percent but $28 million below the benchmark. Sales and use tax collections were $327 million, down $6 million or 1.9 percent and $20 million below the benchmark. Corporate and business tax collections were $55 million, up $3 million or 6.2 percent. Overall total income tax revenue was $92 million below the benchmark.
"While tax collections surpassed the highest level recorded for the month of April, the number is still $115 million less than the benchmark," LeBovidge said. "The fact that withholding and sales and use tax revenues are below the benchmarks bears watching."
Year-to-date income tax collections totaled $9.161 billion, an increase of $569 million or 6.6 percent. Income tax withholding for the first ten months of Fiscal 2007 totaled $7.223 billion, up $423 million or 6.2 percent. Total sales and use collections were $3.380 billion, an increase of $47 million or 1.4 percent. Corporate and business tax collections for the first ten months of Fiscal 2007 totaled $1.904 billion, an increase of $171 million or 9.9 percent.
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