Robert R. Bliss
Revenue Commissioner Henry Dormitzer today announced that preliminary revenue collections for August total $1.261 billion, up $73 million or 6.1 percent from last August.
Total tax collections for the month were $59 million above the August benchmark.
"August is a light month for revenue collection, given that no quarterly or estimated payments were due for most taxpayers last month," Dormitzer said. A more significant read on FY08 collections will come with the reporting of first quarter numbers at the end of September, he noted.
August collections were bolstered by stronger than anticipated withholding collections, up $49 million, but sales tax income was $4 million less than that of a year ago. Corporate and business tax collections were $12 million higher than a year ago.
Year-to-date collections are $122 million or 5 percent ahead of last year at this time, with revenues exceeding the benchmark estimate by $50 million. The estimate of tax revenue for FY 2008 is $19.825 billion, which reflects the consensus estimate of $19.879 billion adjusted downward for subsequent tax law changes, including $25 million for the anticipated tax year 2008 personal exemption increases.