Robert R. Bliss
Monthly collection is up $103 million over last July and $79 million above monthly benchmark
Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for July 2010 totaled $1.353 billion.
Total tax collections were $79 million above the July monthly benchmark based on the FY11 consensus tax estimate of $19.098 billion (which is equal to the $19.050 billion consensus estimate plus $48 million in FY11 tax collection initiatives authorized in the FY11 General Appropriations Act.)
"The month's revenue growth came from greater than forecast income tax and sales tax collections, and reflect more favorable current economic conditions," said DOR Commissioner Bal, who noted that overall July is a relatively small tax collection month since there are no quarterly estimated payments due for most business and individual taxpayers.
July income tax collections totaled $721 million, up $21 million or 3.0 percent from July 2009 and $67 million above the benchmark, but were up 11.3 percent baseline after adjusting for the impact of timing factors that reduced July revenue. July income tax withholding totaled $690 million, up $7 million, or 1.0 percent from July 2009, but up 6.1 percent baseline after accounting for revenues that were shifted out of July this year due to timing and calendar factors. Withholding collections were $54 million above the July monthly benchmark.
Sales tax collections totaled $450 million, up $106 million or 30.7 percent from a year ago and $12 million above benchmark. On a baseline basis, factoring out the sales tax increase that took effect Aug. 1 of last year, sales and use tax revenue grew 5.4 percent.
Corporate and business tax collections, normally small in July, totaled $48 million, down $36 million or 43.2 percent and $2 million below benchmark. The decline in monthly corporate/business collection from July 2009 to July 2010 was due to $37 million in non-recurring payments received last year as well as additional timing-related revenues due to the implementation last July of the combined reporting tax system.July2010 Tax Collection Summary (preliminary as of August 4, 2010)