Thursday, November 3, 2011
Robert R. Bliss
October revenues are $107 million more than a year ago and $12 million below revised benchmark
Revenue Commissioner Amy Pitter today announced that preliminary revenue collections for October 2011 totaled $1.450 billion, up $107 million or 8.0 percent, and were $12 million below the monthly benchmark which now reflects a revised FY12 revenue estimate of $21.010 billion. The FY12 estimate was revised upward by $395 million on October 17.
“October is a relatively small month because no quarterly estimated payments are due for individuals or corporations,” Pitter said, noting that income and sales tax collections grew a combined $105 million over the same period last year while corporate collections declined $5 million.
Income tax collections in October 2011 totaled $831 million, $92 million or 12.4 percent higher than a year ago and were $13 million below benchmark. Income withholding was $63 million or 8.5 percent higher than a year ago and was $41 million below benchmark, while refunds of $71 million were $12 million or 14.6 percent lower than a year ago and $14 million below benchmark.
Sales tax collections for October totaled $429 million, up $13 million or 3.1 percent from the same period a year ago and $8 million over benchmark.
Corporate/business tax collections of $44 million were $5 million or 11.1 percent lower than a year ago and were $16 million below benchmark.
Year-to-date, income tax collections of $3.607 billion are $300 million or 9.1 percent higher than a year ago and $13 million below benchmark.
Year-to-date sales tax collections of $1.704 billion are $15 million or 0.9 percent higher than a year ago and $8 million over benchmark.
Year-to-date corporate/business tax collections of $586 million are $57 million or 10.8 percent higher than a year ago and are $16 million under benchmark.
The total tax collection for the first four months of FY12 is $6.516 billion, up $420 million or 6.9 percent from a year ago and $12 million under benchmark.