Tuesday, October 4, 2011
Robert R. Bliss
Collection is up $178 million from a year ago and is now $190 million over benchmark for the year
Revenue Commissioner Amy Pitter today announced that preliminary revenue collections for September 2011 totaled $2.194billion, up $178 million or 8.9 percent from the same period a year ago and $141 million above the monthly benchmark based on the FY12 revenue estimate of $20.615 billion.
Tax collections for the first quarter of the fiscal year total $5.063 billion, up $310 million or 6.5 percent above those of a year ago and are $190 million above the year-to-date benchmark.
The first quarter collections include $71 million from one-time settlements of $10 million or more, as well as several one-time estate tax payments totaling $25 million received in July.
“Higher than forecast income tax cash estimated payments and withholding collections fueled revenue growth in September,” Pitter said, “while retail sales tax collections were flat and corporate and business collections grew modestly due to the one-time settlements.”
Income tax collections for the month totaled $1.185 billion, up $142 million or 13.7 percent, $118 million above the monthly benchmark. Withholding collections were up $69 million, or 9.9 percent, $35 million above benchmark, but some of that may be in offset by lower collections in October. Income tax cash estimated payments were up $66 million, or 19.4 percent, $35 million over benchmark. Income tax payments with returns were down $13 million or 29.6 percent, $12 million below benchmark, while income tax cash refunds were down $19 million or 48.5 percent, $20 million less than forecast.
September sales tax collections totaled $406 million, up $6 million or 1.6 percent from a year ago, $1.0 million over benchmark.
September corporate/business tax collections totaled $443 million, up $23 million or 5.4 percent, $14 million above benchmark.
Year-to-date, income tax collections are up $205 million or 8.0 percent, $110 million above benchmark. Within that category, withholding is up $124 million or 5.7 percent, $15 million above benchmark, while income tax cash estimated payments are up $44 million or 11.1 percent, $80 million over benchmark. Year-to-date sales tax collections are flat, up $2 million or 0.2 percent, $10 million below benchmark. Year-to-date corporate/business tax collections, including the one-time settlements of $71 million, are up $63 million or 13.1 percent, $49 million above benchmark.
It is too early to provide a final estimate the impact of the August sales tax holiday since DOR will monitor sales tax revenue in future months to determine the extent to which the holiday induced consumers to shift sales into August from future months. As has been the case with previous sales tax holidays, as required by law DOR will file a report with the Legislature by Dec. 31 that estimates the impact of the August 2010 sales tax holiday.