Robert R. Bliss
Strong withholding and income tax cash estimated payments push monthly total $240 million over benchmark; for first six months of FY11, collections are $755 million over benchmark
Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for December 2010 totaled $2.072 billion, up $186 million or 9.8 percent from last December.
Total tax collections were $240 million above the monthly benchmark based on the revised FY11 revenue estimate of $19.078 billion.
December is a significant month for tax collections, as withholding payments start to reflect year-end bonuses, final corporate/business estimated payments are due and some tax payers begin to make their final individual income estimated payments for the year in December (the payments are due on January 15).
FY11 year-to-date tax collections total $9.595 billion, up $882 million or 10.1 percent from the same period a year ago, and are $755 million above benchmark.
"Strong withholding collections and income tax cash estimated payments pushed December revenue over the benchmark," said Commissioner Bal, who noted that sales tax collections were also over benchmark. "These are signs of an economic recovery that continues to grow."
December withholding collections totaled $894 million, up $90 million or 11.2 percent, $46 million above benchmark. FY11 year-to-date withholding collections total $4.597 billion, up $272 million or 6.3 percent from a year ago and are $109 million above the year-to-date (YTD) benchmark.
December income tax estimated payments totaled $281 million, up $149 million or 113.7 percent and $141 million above benchmark. Estimated payments are due on January 15, therefore,
income tax estimated payments received in December and January should be considered together. YTD income tax estimated payments are $718 million, up $194 million or 37.0 percent from a year ago and $132 million above the YTD benchmark.
December sales tax collections totaled $402 million, up $26 million or 7.0 percent and $8 million above benchmark. YTD sales tax collections total $2.492 billion, up $262 million or 11.7 percent from a year ago and are $41 million above benchmark.
December 2010 corporate and business tax collections totaled $316 million, down $100 million or 24.1 percent but $15 million over benchmark. (Last December the Commonwealth received $120 million in one-time corporate payments.) YTD corporate and business tax collections total $933 million, up $58 million or 6.6 percent, and $372 million above benchmark.FY2011 Year-to-Date Tax Revenue through December 31, 2010