Ann Murphy / Jeffrey Busha
Revenue Commissioner Frederick A. Laskey today announced that revenue for the month of April totaled $1.3 billion, bringing year-to-date revenue to $11.55 billion, an increase of 4.3 percent. Due to tax cuts and larger refunds in April, monthly collections were down $64.5 million or 4.7 percent compared to April 1998. Revenue collections for the year are $286 million above the midpoint of the revenue estimate range.
"April was a good month for many taxpayers as a record number of refunds were issued. All major economic indicators such as withholding and sales tax continue to grow and reflect a strong economy," said Laskey.
Income tax collections for April totaled $877.9 million, down $80.7 million due to increased refunds, or 8.4 percent lower than in April 1998. Withholding collections totaled $506.6 million, up $39.8 million, an increase of 8.5 percent. Sales and use tax collections totaled $268.6 million, up $26.4 million or 10.9 percent. Corporate tax collections totaled $47.0 million, down $2.3 million or 4.7 percent.
Year-to-date revenue totals $11.55 billion, up $474.0 million or 4.3 percent. Income tax collections total $6.49 billion, up $173.1 million or 2.7 percent. Withholding tax collections total $5.63 billion, an increase of $394.1 million or 7.5 percent. Sales and use tax collections total $2.69 billion, up $286.4 million or 11.9 percent. Corporate tax collections total $797.1 million, down $4.5 million or 0.6 percent.