Stephen J. Dukeman
Monthly collection is up $89 million or 6.6% over last July and $60 million above monthly benchmark
Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for July 2011 totaled $1.442 billion, up 6.6 percent from a year ago
Total tax collections were $60 million above the July monthly benchmark based on the FY12 revenue estimate of $20.636 billion, which reflects the FY12 consensus revenue estimate of $20.525 billion adjusted for the impact of FY12 revenue initiatives enacted as part of the FY12 budget. The FY12 revenue estimate will be further adjusted downwards by $20.5 million to reflect the impact of the recently passed sales tax holiday.
"The month's revenue growth came from greater than forecast withholding, which is a good sign of continuing economic recovery, as well as estate tax collections," said DOR Commissioner Bal, who noted that July is a relatively small tax collection month with no quarterly estimated payments due for most business and individual taxpayers. The Commonwealth received several one-time estate tax payments in July, totaling $25 million.
July income tax collections totaled $792 million, up $71 million or 9.9 percent from July 2010, $41 million above the benchmark. Withholding collections alone were $42 million above benchmark. Sales tax collections totaled $449 million, down $1 million or 0.2 percent from a year ago and at benchmark. Corporate and business tax collections, normally small in July, totaled $48 million, the same as a year ago and $1 million below benchmark.