Robert R. Bliss
Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for February 2008 totaled $1.147 billion, up $160 million or 16.2 percent from last February.
Total tax collections were $133 million above the February monthly benchmark, due largely to a financial institution's payment of $102 million received in February for prior tax years' liabilities.
FY08 year-to-date tax collections total $12.447 billion, up $674 million or 5.7 percent ahead of the same period a year ago, and are $245 million above the FY08 year-to-date benchmark corresponding to the FY08 estimate of $20.225 billion.
"The single payment of $102 million was largely responsible for the increase in corporate/business tax collections of $119 million, $117 million above the monthly benchmark. However, there was continued weakness in sales tax collections which were $10 million below the benchmark, a decrease of 3.6 percent from a year ago," Commissioner Bal said.
February income tax collections totaled $535 million, up $57 million or 12 percent and $37 million above the monthly benchmark. Strength in withholding taxes, which were $51 million above the benchmark and up 11.1 percent from a year ago, accounted for most of this increase. Income tax refunds were $22 million over the benchmark, up 11.5 percent from a year ago.
On a year-to-date basis, sales and use tax collections for the year are $15 million ahead of the same period a year ago and $42 million below the benchmark. Corporate/business taxes are also $15 million ahead of the same period a year ago and $101 million above the benchmark due to the large payment referenced above. Income taxes are $657 million ahead of a year ago and $191 million above the benchmark.
FY2008 Year-to-Date Revenue through February 29, 2008
February 2008 Tax Collection Summary (preliminary as of March 3, 2008)