Nicole St. Peter
Acting Revenue Commissioner Bernard F. Crowley, Jr. today announced that revenue collections for the month of October totaled $965.5 million, down $120 million or 11 percent from October 2000. Year-to-date revenue collections stand at $4.63 billion, down $407 million or 8.1 percent.
"Like most of the country, we have seen a downturn in our state's economy," said Crowley. "The drop in revenues in October can be attributed primarily to corporate and business tax refunds and lower estimated payments due to falling profits."
Income tax collections for October totaled $638 million, down $4 million or 0.7 percent. Withholding tax collections were $598 million, an increase of $12 million or 2 percent. Sales and use tax collections totaled $345 million, up $10 million or 3.1 percent. Corporate tax collections totaled negative $106 million, down $70 million or 196.7 percent due to increased corporate and business tax refunds and lower estimated payments.
Year-to-date income tax collections totaled $2.67 billion, down $233 million or 8 percent. Income withholding collections totaled $2.34 billion, a decrease of $157 million or 6.3 percent. Sales and use tax collections are $1.28 billion, down $6 million or 0.5 percent. Corporate collections for the fiscal year total $50 million, a decrease of $148 million or 74.8 percent.
<strong>Monthly Revenue Report</strong>
(PDF) (through October 31, 2001)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.