Robert R. Bliss
Revenue collection up $89 million over last August; even at $70 million below monthly benchmark, collections are $8 million over year-to-date benchmark
Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for August 2010 totaled $1.386 billion, up $89 million or 6.9 percent from last August.
Total tax collections were $70 million below the August monthly benchmark based on the FY11 revenue estimate of $19.078 billion. Fiscal 2011 year-to-date collections are now $8 million above benchmark.
"August is not a large month for tax revenue collections since there are no quarterly payments for most taxpayers. Withholding collections were better than a year ago, but fell short of benchmark probably because of timing issues that shifted some collections into July from August. Corporate/business tax collections were down in part due to one-time payments received in August 2009 that were not replicated in August 2010. While sales tax collections were up, they fell below projections," Commissioner Bal said.
August income tax withholding totaled $780 million, up $60 million or 8.3 percent but was $28 million below benchmark. Sales tax collections totaled $422 million, up $81 million or 23.7 percent (and up 0.2% when factoring out impact of last year's increase in the sales tax rate and elimination of the sales tax exemption for alcoholic beverages) but were $17 million below benchmark. Corporate/business tax collections totaled $11 million, down $57 million and $20 million below benchmark.
It is important to note that with the exception of motor vehicle sales tax revenue which is received daily, August sales and use tax collections do not reflect the impact of the sales tax holiday on August 14 and 15th. Sales tax collections for August are due no later than September 20th and will be reported in the September revenue report that will be released in early October.
Overall collections for FY11 (the months of July and August combined) are now $191 million or 7.5 percent ahead of that of a year ago and $8 million above benchmark. Income tax collections are up $85 million or 5.9 percent, $42 million above benchmark. Sales and use tax collections are up $186 million or 27.2 percent and $5 million below benchmark. Corporate and business tax collections are $59 million, down $93 million or 61.1 percent from a year ago and $21 million below benchmark.August 2010 Tax Collection Summary (preliminary as of September 3, 2010)
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