January 3, 2001
Tim Connolly
(617) 626-2369

Nicole St. Peter
(617) 626-4058

Revenue Commissioner Frederick A. Laskey today announced that revenue collections for the month of December totaled $1.42 billion, down $23 million or 1.6 percent from December 1999, bringing year-to-date revenue collections to $7.554 billion, up $508 million or 7.2 percent from last year. Collections for FY2001 are $158 million above the midpoint of the benchmark estimate range.

"As we have seen in recent months, state revenues have been moderating after a period of unprecedented growth," said Laskey. "The December numbers might be an indication of what some experts are saying will be a slowdown in the robust economy. We will continue to watch revenues closely in the early months of 2001."

Income tax collections for December, which had three fewer processing days than December 1999, totaled $748 million, a decrease of $32 million or 4.1 percent. Withholding tax collections totaled $697 million, down $22 million or 3 percent. Sales and use tax collections totaled $286 million, down $4 million or 1.4 percent (December sales taxes collected by retailers are paid in January).

Corporate tax collections were $174 million, a decrease of $9 million or 4.7 percent. Year-to-date income tax collections totaled $4.338 billion, up $397 million or 10.1 percent. Income withholding collections totaled $3.909 billion, an increase of $344 million or 9.7 percent. Total sales and use tax collections were $1.844 billion, up $94 million or 5.4 percent. Corporate collections totaled $368 million, down $43 million or 10.5 percent.