Robert R. Bliss - email@example.com
Revenue Commissioner Alan LeBovidge today announced revenue collections for May totaled $1.536 billion, an increase of $161 million or 11.7 percent from last May and $189 million above the May benchmark corresponding to the January 30, 2007 Consensus Fiscal 2007 estimate of $19.3 billion. Year-to-date tax collections are $17.442 billion, an increase of $991 million or 6 percent over the same period last year and $243 million above the year-to-date benchmark.
Income tax collections for May totaled $1.019 billion, an increase of $176 million or 20.8 percent from last May and $214 million over the monthly benchmark. Within that category, withholding tax collections totaled $661 million, an increase of $6 million or 1 percent. Sales and use tax collections were $334 million, an increase of $6 million or 1.7 percent. Corporate and business tax collections were $39 million, down $14 million or 26.8 percent.
"It appears that in this case, April's heavy rainstorms and the resultant extension of the tax filing deadline to April 26 did indeed produce a flowering of tax revenue in May," LeBovidge said. "While sales tax revenue was $4 million under the May benchmark, continuing a yearlong trend, the overall revenue increase reflects strong returns from collections on non-wage income such as interest, dividends, capital gains, and unincorporated business income, as well as $39 million less than projected in income tax refunds for the month."
Year-to-date income tax collections totaled $10.180 billion, an increase of $745 million or 7.9 percent. Income tax withholding for the first 11 months of Fiscal 2007 totaled $7.884 billion, up $429 million or 5.8 percent. Total sales and use collections were $3.714 billion, an increase of $53 million or 1.4 percent. Corporate and business tax collections for the first 11 months of Fiscal 2007 totaled $1.943 billion, an increase of $157 million or 8.8 percent.