Robert R. Bliss
Collections up $139 million over a year ago and $101 million above benchmark for the month;year-to-date collections now $516 million over benchmark and $698 million over a year ago
Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for November 2010 totaled $1.428 billion, up $139 million or 10.8 percent from last November and $101 million above the monthly benchmark based on the revised FY11 revenue estimate of $19.078 billion.
FY11 year-to-date tax collections total $7.524 billion, up $698 million or10.2 percent from the same period one year ago and $516 million above the year-to-date (YTD) benchmark.
November is one of the smallest net tax collection months as there are no quarterly estimated payments due for individuals and most corporations, while income tax and corporate tax refunds are relatively high as DOR processes returns filed with extensions.
"DOR in November recorded higher than expected corporate payments paid by combined reporting retailers, lower than expected income tax refunds, stronger than forecast sales tax collections, and a revenue boost from several one-time settlements and payments," Bal said. "The revenue picture continues to track positively."
The November withholding collection totaled $797 million, up $12 million or 1.5 percent from November 2009 and $17 million below benchmark. Refunds of $52 million were $22 million or 29.9 percent less than a year ago and were $17 million below benchmark. Overall income tax collections were $37 million or 4.9 percent better than a year ago and $3 million above benchmark.
Sales and use tax collections in November totaled $401 million, up $20 million or 5.1 percent from a year ago, $11 million over benchmark.
November corporate and business tax collections totaled $86 million, up $69 million from a year ago and $79 million above the revised benchmark.
YTD income tax collections are $287 million or 7.5 percent above those of a year ago, $122 million above benchmark. YTD sales and use tax collections are up $236 million or 12.7 percent and $34 million above benchmark. YTD corporate and business tax collections are up $156 million or 34.0 percent and are $355 million above benchmark.November 2010 Tax Collection Summary (preliminary as of December 2, 2010)