Robert R. Bliss
Monthly collection is $149 million more than a year ago; FY11 revenues $145 million above benchmark
Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for March 2011 totaled $1.774 billion, up $149 million or 9.2 percent from last March.
Total tax collections were $164 million above the March monthly benchmark corresponding to the January 18th FY11 revised revenue estimate of $19.784 billion.
FY11 year-to-date tax collections total $14.354 billion, up $1.169 billion or 8.9 percent from the same period a year ago, and are $145 million above the revised FY11 year-to-date benchmark.
March is the largest corporate and business excise tax collection month of the year. Payments with tax returns and extensions are due for most corporations for the prior tax year, as are the first corporate estimated payments for the current tax year.
"Better than expected corporate and business tax collections, bolstered by strong withholding tax collections, pushed March revenue well above benchmark, well ahead of last March's collection, and more than erased last month's $39 million shortfall in corporate and business tax collections," Bal said.
"These numbers reflect continuing improvement in the economy, and we are cautiously optimistic about continued revenue growth," she added.
Overall March income tax collections totaled $635 million, up $79 million or 14.2 percent, $33 million above the monthly benchmark. Withholding taxes totaled $853 million, up $49 million or 6.2 percent from a year ago, $8 million above the benchmark.
Income tax refunds totaled $308 million, down $15 million or 4.5 percent from a year ago, $13 million below benchmark. Income tax payments with returns and bills totaled $79 million, up $14 million or 21.4 percent from a year ago, $12 million above benchmark.
Corporate/business tax collections of $635 million for March 2011 were up $37 million or 6.3 percent from a year ago, $104 million above benchmark.
Sales and use tax collections of $363 million in March 2011 were up $9 million or 2.7 percent from a year ago, $3 million above the monthly benchmark.
Overall, year to date sales tax collections of $3.675 billion are up $298 million or 8.8 percent, $3 million above benchmark. Corporate and business tax collections of $1.644 billion are up $58 million or 3.7 percent, $60 million above benchmark. Income tax collections of $7.729 billion are up $756 million or 10.8 percent, $60 million above benchmark.FY2011 Year-to-Date Tax Revenue through March 31, 2011
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