Robert R. Bliss
Monthly collection is $21 million more than a year ago; FY10 revenues $9 million below benchmark
Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for March 2010 totaled $1.624 billion, up $21 million or 1.3 percent from last March.
Total tax collections were $42 million below the March monthly benchmark corresponding to the January 7th FY10 revised revenue estimate of $18.460 billion.
FY10 year-to-date tax collections total $13.184 billion, down $222 million or 1.7 percent from the same period a year ago, and are $9 million below the FY10 year-to-date benchmark.
Commissioner Bal said "Stronger than expected withholding and sales tax collections were offset by corporate and business tax collections that were less than expected largely due to transferable tax credits and lower financial institutions tax payments that reduced corporate and business tax collections to $80 million below benchmark."
Overall March income tax collections totaled $554 million, up $32 million or 6.2 percent and $21 million above the monthly benchmark. Withholding taxes totaled $803 million, up $43 million or 5.6 percent from a year ago, $53 million above the benchmark. Income tax refunds totaled $323 million, up $3 million or 0.8 percent from a year ago and $14 million over the benchmark. Income tax payments with returns and bills totaled $65 million, down $4 million or 5.8 percent from a year ago, $16 million below the benchmark. Income tax estimated payments in March are small since it is not a month for quarterly reporting; the collection of $10 million was $3 million less than a year ago and was $2 million below benchmark.
Corporate/business tax collections of $598 million for March 2010 were down $93 million or 13.4 percent from a year ago and were $80 million below the monthly benchmark. All the
subcategories of corporate and business tax were down from a year ago and were below benchmark, although at least $11 million of the public utilities tax shortfall was the result of public utilities companies filing under the corporate excise. The corporate and financial institutions tax rate cuts that took affect on January 1, 2010 are estimated to have reduced March corporate and business tax collections by approximately $26 million.
Sales and use tax collections of $354 million in March 2010 were up $79 million or 29.0 percent from a year ago and were $13 million above the monthly benchmark. On a baseline basis, factoring out the sales tax increase that took effect Aug. 1, 2009, monthly collections were even with March 2009. Regular sales tax was down 3.3 percent baseline, although sales tax in the retail sector was up about 1.4% baseline, but was offset by declines in sales tax on energy purchases and business-to-business sales. Meals and motor vehicle sales tax collections were up 1.3 percent and 16.4 percent baseline, respectively.
Overall, year to date sales tax collections are up $461 million or 15.8 percent and are $31 million above benchmark. Corporate and business tax collections are $45 million or 2.8 percent behind the same period a year ago and are $39 million below the benchmark. Income taxes are $596 million or 7.9 percent less than a year ago and are equal to the benchmark.