Nicole St. Peter / Jeffrey Busha
Revenue Commissioner Frederick A. Laskey today announced that revenue collections for March 2000 totaled $1.40 billion, up $172.7 million or 14.1 percent from last March. Year-to-date revenue collections totaled $11 billion, up $749.4 million or 7.3 percent above last year. Collections for FY2000 are $160 million above the midpoint of the revenue estimate range, which is based on the Administration & Finance annual estimate of $15.288 billion.
"As we move into the end of tax filing season, revenue collections remain solid with income tax collections leading the way," said Commissioner Laskey.
Income tax collections for March totaled $469.2 million, an increase of $132.7 million or 39.4 percent when compared to March 1999. Withholding tax collections totaled $669.2 million, up $92.1 million or 16.0 percent. Sales and use tax collections totaled $268.8 million, up $3.3 million or 1.2 percent. Corporate excise collections totaled $374.8 million, up $41.7 million or 12.5 percent compared to last March.
Year-to-date income tax collections totaled $6.12 billion, up $509.0 million or 9.1 percent. Withholding collections totaled $5.61 billion, up $492.4 million or 9.6 percent. Total sales and use tax collections totaled $2.62 billion, up $200 million or 8.3 percent. Corporate collections totaled $806.0 million, up $55.8 million or 7.4 percent.
So far this tax season, DOR has received 1.6 million returns and has issued 1.3 million tax refunds totaling $513 million with an average refund amount of $373. DOR has processed 662,000 electronically filed tax returns, up 18 percent compared to last year and has directly deposited 166,000 refunds into taxpayers' bank accounts, up 25 percent from last year.
<strong>Monthly Revenue Report</strong> (PDF) (through March 31, 2000)
March 2000 monthly revenue, fiscal year-to-date revenue and actual tax collections