Robert R. Bliss
Monthly collections are $58 million below a year ago and $10 million above the revised monthly benchmark
Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for October 2008 totaled $1.150 billion, down $58 million or 4.8 percent from last October.
Total tax collections were $10 million above the monthly benchmark based on the October 15th FY09 revised tax revenue estimate of $20.302 billion. Prior to that revision, the October benchmark had been set at $1.273 billion which means the monthly collection of $1.150 billion was $123 million less than the original benchmark based on the FY09 budget enacted in July.
October withholding collections totaled $724 million, up $19 million or 2.7 percent from a year ago and $3 million above the revised benchmark.
October sales tax collections totaled $343 million, down $13 million or 3.8 percent from a year ago and $12 million below the revised benchmark
October corporate and business tax collections totaled -$120 million, down $74 million from a year ago and $10 million above the revised benchmark. October is historically a month in which corporations receive refunds.
"October is a small month for tax collections overall, in part because a large volume of refunds is paid to corporations and businesses filing extensions in March and final returns in September," said DOR Commissioner Navjeet K. Bal. "That is why the corporate and business tax collection is a negative number, as it was a year ago," she said.
FY09 year-to-date tax collections total $5.940 billion, down $29 million or 0.5 percent and $10 million above the YTD benchmark based on the revised Oct. 15 revenue estimate. While YTD income tax collections are $112 million ahead of a year ago, sales and use tax collections are down $38 million due to declines in motor vehicle and regular sales tax and corporate and business tax collections are down $77 million.
FY2009 Year-to-Date Tax Revenue through October 31, 2008
October 2008 Tax Collections Summary (in $ millions - Preliminary as of November 4, 2008)