July Revenue Collections Total $1.452 Billion
July revenue up $7 million with corporate and business collections exceeding 36% over a year ago and more than offsetting 1.3% decline in income tax collections.
Revenue Commissioner Amy Pitter today announced that preliminary revenue collections for July 2012 totaled $1.452 billion, an increase of $7 million, or 0.5 percent with collections in corporate and business collections exceeding 36% over last July. However, collections for the first month of the fiscal year were $33 million below the July benchmark largely due to shifts in payment of withholding taxes. July benchmark was based on the FY2013 General Appropriation Act tax revenue estimate of $22.032 billion, which reflects the FY2013 consensus tax estimate of $21.950 billion adjusted for the impact of two subsequent changes affecting revenues: delayed FAS109 deductions and enhanced DOR tax enforcements. The FY13 revenue estimate could be further adjusted downwards by $21.55 million to reflect the impact of a proposed two-day sales tax holiday on August 11-12, 2012.
“July is typically a small month for revenue collections because there are no quarterly estimated payments due for most businesses and individuals,” Commissioner Pitter said. “One reason we didn’t hit the benchmark is that up to $70 million in anticipated July withholding payments were actually made in June.”
Income tax collections for July were $783 million, down $10 million or 1.3 percent from a year ago and $56 million below benchmark. Income tax estimated payments of $31 million were up $15 million or 96.5 percent from a year ago and $15 million above benchmark. Withholding tax collections of $739 million were down $23 million or 3 percent from a year ago, $66 million below benchmark. Some withholding that was forecast to be paid in July -- between $60 million to $70 million -- appears to have been paid in June. This shift was also mentioned in June revenue release.
July sales and use tax collections of $461 million were up $12 million or 2.7 percent from June 2011, $7 million below benchmark.
July corporate and business tax collections of $66 million were up $18 million or 36.3 percent from a year ago and were $20 million above the monthly benchmark.