Tuesday, June 5, 2012
Monthly collection is up $113 million from a year ago, $169 million above benchmark; Year-to-date collection up $458 million, $12 million below benchmark
Revenue Commissioner Amy Pitter today announced that preliminary revenue collections for May 2012 totaled $1.618 billion, up $113 million or 7.5 percent from last May.
Total tax collections were $169 million above the monthly benchmark. With one month remaining in the fiscal year, the total year-to-date collection of $18.822 billion is $458 million or 2.5 percent above that of a year ago, $12 million below the benchmark that is based on a FY12 revenue estimate of $21.010 billion.
“Greater than forecast corporate and business tax collections in May, fueled by nearly $200 million in non-recurring corporate and business tax payments received early in the month, more than offset less than forecast income tax and sales and use tax collections,” Commissioner Pitter said.
Withholding taxes in May totaled $749 million, down $8 million or 1.0 percent from a year ago but were $9 million above benchmark. Income tax returns and bills totaled $131 million, down $12 million or 8.5 percent from a year ago, $20 million below benchmark. Income tax refunds totaled $77 million, up $12 million or 19.1.8 percent, which is $10 million more than had been projected. Overall, income tax collections of $824 million were $32 million or 3.7 percent less than a year ago, and were $22 million below benchmark.
May sales taxes totaled $415 million, up $14 million or 3.6 percent, but were $6 million below benchmark.
Corporate and business tax collections in May totaled $227 million, up $173 million or 319.8 percent, $187 million above benchmark.
Year-to-date, income tax collections total $10.677 billion, up $218 million or 2.1 percent from a year ago and $285 million below benchmark. Sales and use tax collections total $4.619 billion, up $137 million or 3.0 percent from a year ago, $58 million above benchmark. Corporate/business taxes total $1.885 billion, up $94 million or 5.2 percent from a year ago and $150 million over benchmark.