Robert Bliss - email@example.com
Director of Communications
Revenue Commissioner Henry Dormitzer today announced that preliminary revenue collections for July, the first month of the new fiscal year, total $1.298 billion, up $51 million or 4.1 percent from last July.
Total tax collections for the month were $5 million below the July benchmark. The consensus estimate of revenue for FY 2008 is $19.879 billion.
"July is one of the lightest months for revenue collection," Dormitzer said, noting that July tax collections a year ago fell $12 million below the monthly benchmark.
Income tax collections for July totaled $722 million, an increase of 4 percent over a year ago, but withholding tax collections, while up 2.7 percent, were $24 million short of the benchmark. Sales and use tax collections were $381 million, up 5.5 percent, $6 million above the monthly benchmark although there was a continuing drop in sales tax payments from building-related industries. Corporate and business tax collections totaled $50 million, virtually identical to a year ago.