Monday, December 5, 2011
Robert R. Bliss
Collections down $62 million over a year ago but are $53 million above benchmark for the month; year-to-date collections now $40 million over benchmark and $356 million more than a year ago
Revenue Commissioner Amy Pitter today announced that preliminary revenue collections for November 2011 totaled $1.365 billion, down $62 million or 4.3 percent from last November and $53 million above the monthly benchmark based on the revised FY12 revenue estimate of $20.010 billion.
"The monthly benchmark was less than last year’s collection due to the fact that DOR received more than $100 million in one-time payments in November 2010. As it turned out, DOR received settlement payments last month of more than $40 million, which helped push revenue over the reduced benchmark, but still left the collection less than November 2010," Pitter said.
FY12 year-to-date tax collections total $7.879 billion, up $356 million or 4.7 percent from the same period one year ago and $40 million above the year-to-date (YTD) benchmark.
November is one of the smallest net tax collection months as there are no quarterly estimated payments due for individuals and most corporations while income tax and corporate tax refunds continue as DOR processes returns filed with extensions.
The November withholding collection totaled $749 million, down $48 million or 6.0 percent from November 2010 and $21 million below benchmark. Refunds of $50 million were $3 million or 4.8 percent less than a year ago and were $4 million below benchmark. Overall income tax collections were $36 million or 4.5 percent less than a year ago and $11 million below benchmark.
Sales and use tax collections in November totaled $404 million, up $3 million or 0.8 percent from a year ago, $2 million below benchmark.
November corporate and business tax collections totaled $58 million, down $30 million or 34.3 percent from a year ago and were $59 million above the revised benchmark.
YTD income tax collections are $265 million or 6.5 percent above those of a year ago, $24 million below benchmark. YTD sales and use tax collections are up $17 million or 0.8 percent and $4 million above benchmark. YTD corporate and business tax collections are up $27 million or 4.3 percent and are $42 million above benchmark.
FY2012 Year-to Date Tax Revenue through November 30, 2011