Ann Murphy / Jeffrey Busha
Revenue Commissioner Frederick A. Laskey today announced that revenue collections for the month of May totaled $1.17 billion, bringing year-to-date revenues to $12.73 billion, $353.9 million higher than during the same period last year.
"As we head into the final month of the fiscal year we are well-positioned to meet our revenue goals for fiscal year 1999. We continue to experience the effects of a strong economy reflected in the income and sales taxes. We are also seeing the impact of major tax cuts and higher refunds," said Laskey.
Income tax collections for the month of May totaled $736.1 million, down $143.4 million or 16.3 % from May 1998. Withholding tax collections totaled $559.1 million, up $711,000 or 0.1 percent. These figures reflect the recent tax cuts signed into law last year that resulted in higher personal exemptions and bigger refunds for taxpayers. Sales and use tax collections totaled $282.3 million, up $11.8 million or 4.4 percent. Corporate tax collections totaled $19.7 million, down $18.7 million or 48.7 percent
Year-to-date income tax collections total $7.23 billion, up $38.4 million or 0.5 percent. Withholding tax collections total $6.20 billion, up $403.4 million or 7.0 percent. Sales and use tax collections total $2.97 billion, up $299.3 million or 11.2 percent. Corporate tax collections total $817.8 million, down $22.2 million or 2.6 percent.
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