Robert R. Bliss
Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for January 2008 total $2.201 billion, up $148 million or 7.2 percent from last January.
Total tax collections were $87 million above the January monthly benchmark, due largely to greater than anticipated income tax estimated payments.
FY08 year-to-date tax collections total $11.331 billion, up $515 million or 4.8 percent ahead of the same period a year ago, and are $111 million above the FY08 year-to-date revised benchmark of $20.225 billion.
"Downturns or flat collections in withholding and sales, categories reflective of current trends, were more than offset by income tax estimated payments, a category of collections that tends to look back to past investment gains and losses," Commissioner Bal said.
January income tax collections totaled $1.659 billion, up $229 million or 16 percent and $136 million above the monthly benchmark. Estimated payments, a subset of income tax collections, totaled $862 million, up $194 million from the same period last year and $129 million above the monthly benchmark. Withholding taxes totaled $836 million, up $21 million but $7 million below the monthly benchmark. Sales tax collections totaled $395 million, down $8 million and $22 million below the monthly benchmark. Corporate/business taxes, which are historically low in January, totaled $5 million, down $62 million from the same period last year (when a large settlement was received) and $24 million below the monthly benchmark.
Income tax refunds were down $19 million from a year ago, apparently due in part to the delay in taxpayers filing tax returns as they await the arrival of their 1099-HC forms from their health insurers. Those forms were to be mailed by January 31.