Friday, February 3, 2012
Robert R. Bliss
Collections are $44 million below revised benchmark and $13 million less than a year ago
Revenue Commissioner Amy Pitter today announced that preliminary revenue collections for January 2012 totaled $2.040 billion, down $13 million or 0.6 percent from last January, and $44 million below budgetary tax revenue estimate for the month.
Total tax collections for the year are up $237 million or 2.0 percent over the same time a year ago, and are $94 million below the budgetary tax revenue estimate for the fiscal year to date based on the revised FY12 tax revenue estimate of $21.010 billion.
January is one of the three largest tax collection months of the year as withholding payments continue to reflect end-of-calendar-year bonuses, final income tax estimated payments are due, and sales tax collections reflect holiday spending in December (sales tax is reported by the 20th of the month following, so January’s sales tax collection reflects consumer spending in December.).
“Although tax collections are below budgetary estimates for the month and year-to-date, it is premature to draw any conclusions about how tax revenues will perform compared to estimates for the rest of the fiscal year,” Pitter said. “We will be analyzing these tax collection results and updated economic forecasts to assess whether any adjustment to the current FY12 revenue estimate shall be recommended.”
January withholding collections totaled $933 million, down $5 million or 0.5 percent from January 2011, $43 million below benchmark. Income tax cash estimated payments totaled $494 million, up $15 million or 3.1 percent, and were $10 million above the revised monthly benchmark. Income tax cash refunds of $103 million were up $47 million or 84.8 percent, $46 million above benchmark.
January sales tax collections totaled $492 million, up $15 million or 3.1 percent from January 2011, and were $11 million above the revised benchmark.
January is a relatively small month for corporate/business tax collections. January 2012 corporate/business tax collections totaled $51 million, down $1 million or 1.0 percent from January 2011, and $19 million above the revised benchmark.
On a year-to-date basis, the Commonwealth has collected $11.885 billion, up $237 million or 2.0 percent over the same period a year ago, and $94 million below benchmark.
YTD income tax collections are $6.852 billion, up $180 million or 2.7 percent from a year ago, and $201 million below benchmark.
YTD sales tax collections are $3.024 billion, up $54 million or 1.8 percent from a year ago, and $41 million above benchmark.
YTD corporate and business tax collections are $949 million, down $36 million or 3.6 percent from a year ago, and $38 million above benchmark.