Thursday, May 3, 2012
Robert R. Bliss
Revenue Commissioner Amy Pitter today announced that tax revenue collections for April 2012 totaled $2.508 billion, up $3 million or 0.1 percent from the same period a year ago. April tax collections were $93 million below the monthly benchmark based on the FY12 revenue estimate of 21.010 billion.
For the fiscal year through April, the Commonwealth has collected $17.205 billion, up $346 million or 2.0 percent over a year ago, $180 million below the budgeted estimate. In late April DOR, however, confirmed that significant non-recurring business and corporate tax-related payments were being made in amounts totaling close to $200 million. Those payments since have been received and will be included in the May tax revenue report issued early in June.
Pitter cited less than forecast income tax withholding collections, in tandem with less than forecast payments with income tax returns and extensions and corporate and business collections, as factors in the April collection.
“Stronger than forecast sales tax collections, which are a good indicator of consumer confidence, and less than forecast income tax refunds were not enough to offset the below benchmark performance of income and corporate and business tax collections,” she said.
April withholding of $794 million was $10 million or 1.3 percent less than a year ago, $96 million below benchmark. Income received with the filing of tax returns and extensions was $1.144 billion, down $32 million or 2.7 percent from a year ago, $31 million below benchmark. Income tax cash estimated payments of $214 million were down $3 million or 1.4 percent from a year ago, $2 million below benchmark. Income tax refunds of $299 million were down $23 million or 7.2 percent from a year ago, $33 million below benchmark. Overall, income tax collections were down $22 million, or 1.2 percent, $95 million below benchmark.
Sales tax collections of $434 million were up $28 million or 6.8 percent, $11 million above benchmark.
Corporate/business tax collections of $59 million were down $33 million or 36.0 percent, $42 million below benchmark.
Year to date, income tax collections of $9.853 billion are up $249 million or 2.6 percent, $263 million below benchmark; sales and use tax collections of $4.204 billion are up $122 million or 3.0 percent, $63 million above benchmark; and corporate and business tax collections of $1.658 billion are down $79 million or 4.6 percent, $38 million below benchmark.