September Revenue Collections Total $2.204 Billion
Revenue Commissioner Amy Pitter today announced that preliminary revenue collections for September 2012 totaled $2.204 billion, $8 million more than the state took in last September, but $32 million below the monthly benchmark based on the FY13 revenue estimate of $22.011 billion. Although withholding performed a bit better than expected, it was more than offset by the shortfall in sales, estate tax, income payments with bills and returns, as well as higher than expected corporate and business refunds.
Tax collections for the first quarter of the fiscal year total $5.080 billion, $15 million above those of a year ago and are $95 million below the year-to-date benchmark. Commissioner Pitter said almost half of the shortfall can be attributed to a shift in withholding payments from July to the previous fiscal year in June.
“Although close to half of the below benchmark tax collection performance is due to the time shift of payments, tax collection performance through the first quarter of FY13 is slightly below the budgetary forecast,” said Commission Pitter. “Over the next few days, we will be further analyzing tax collection results and updated economic forecasts in order to help the Administration determine whether they should continue to rely on the current FY13 tax revenue projection for the balance of the fiscal year.”
Income tax collections for the month of September totaled $1.253 billion, up $65 million or 5.5% percent, $8 million above the monthly benchmark. Withholding collections were up $50 million, or 6.5 percent, $24 million above benchmark. Income tax cash estimated payments were up $19 million, or 4.7 percent, $7 million below benchmark. Income tax payments with returns were down $3 million or 10.5 percent, $9 million below benchmark, while income tax cash refunds were up $3 million or 16.7 percent, $3 million more than forecast.
September sales tax collections totaled $416 million, up $11 million or 2.6 percent from a year ago, $5 million below benchmark.
September corporate/business tax collections totaled $387 million, down $56 million or 12.7 percent, $18 million below benchmark.
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