November 3, 2000
Tim Connolly
Nicole St. Peter
(617) 626-2201

Revenue Commissioner Frederick A. Laskey today announced that revenue collections for the month of October totaled $1.084 billion, up $45.6 million or 4.4 percent from October 1999, bringing year-to-date revenue collections to $5.040 billion, up $485.4 million or 10.7 percent from last year.

Collections for FY2001 are $260 million above the midpoint of the benchmark estimate range, which has been revised to reflect the fact that through September, FY2001 revenue collections were $360 million above the original benchmark estimate.

"Overall, revenue collections remain strong as we move into the second quarter of the fiscal year, with tax collections in most major tax categories significantly ahead of the recently revised FY2001 revenue forecast," said Laskey.

As a result of increased refunds to taxpayers, income tax collections for October totaled $642.3 million, a decrease of $6.9 million or 1.1 percent when compared to October 1999. Withholding tax collections totaled $586.8 million, up $31.5 million or 5.7 percent. Sales and use tax collections totaled $334.7 million, up $35.3 million or 11.8 percent.

Year-to-date income tax collections totaled $2.904 billion, up $346.9 million or 13.6 percent. Withholding collections totaled $2.497 billion, up $282.2 million or 12.7 percent. Total sales and use tax collections totaled $1.283 billion, up $116.3 million or 10.0 percent. Corporate collections totaled $198.5 million, down $5.8 million or 2.8 percent.

The quarterly revenue benchmarks and monthly target ranges, which are also being released, are based on the $16.209 billion FY2001 tax estimate announced by Secretary Stephen Crosby on October 11, 2000.