Robert R. Bliss
Monthly collections are $78 million above revised benchmark; Year-to-date collections $2.15 billion below last year
Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for May 2009 totaled $1.281 billion, down $211 million or 14.1 percent from last May.
Total tax collections were $78 million above the monthly benchmark revised downward on May 4 based on a revised FY09 tax estimate of $18.436 billion. This above benchmark performance was due largely to better than expected income tax collections, which totaled $812 million, down $154 million or 16.0 percent from a year ago but $79 million above the revised benchmark.
FY09 year-to-date tax collections total $16.467 billion, down $2.149 billion or 11.5 percent below the same period a year ago.
"The trend of smaller monthly collections continued in May, and collections for the year are now more than $2 billion less than a year ago. The better than benchmark monthly performance is due largely to stronger than expected withholding collections and a smaller than expected payout in refunds," Commissioner Bal said. Both trends may be more reflective of timing than any new strength in collections, she noted.
Withholding taxes totaled $724 million, equal to the collection of a year ago and $29 million above benchmark. Income tax returns and bills totaled $164 million, down $171 million or 51.1 percent from a year ago but $19 million above benchmark, while income tax refunds totaled $91 million, down $25 million or 21.9 percent, which is $32 million less than had been projected.
May 2009 sales taxes totaled $310 million, down $19 million or 5.7 percent, $10 million above the benchmark. May is not a significant month for corporate/business tax collections, which totaled $21 million, down $21 million or 49.4 percent from a year ago and $11 million below the monthly benchmark.
Year-to-date, income tax collections total $9.693 billion, down $1.553 billion or 13.8 percent from a year ago. Sales and use tax collections total $3.535 billion, down $203 million or 5.4 percent from a year ago. Corporate/business taxes total $1.680 billion, down $355 million or 17.5 percent from a year ago.