March 1, 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 February totaled $911 million, up $40 million or 4.5 percent from February 2000. Year-to-date revenue collections are $10.407 billion, an increase of $805 million or 8.4 percent from last year. Collections for FY2001 are $283 million above the midpoint of the benchmark estimate range.

"While February is not considered a significant month for revenue collections, we are heading into an important period," said Laskey. "We are now in the height of the filing season and the coming months are crucial in terms of corporate tax collections and estimated payments."

Income tax collections for February totaled $525 million, an increase of $44 million or 9.2 percent. Withholding tax collections totaled $730 million, an increase of $34 million or 4.8 percent. Sales and use tax collections were $264 million, a decrease of $1 million or 0.3 percent. Historically, February is the smallest sales tax month of the year and this February had one less collections day than last year.

Year-to-date income tax collections total $6.3 billion, an increase of $636 million or 11.2 percent. Income withholding collections are $5.402 billion, an increase of $458 million or 9.3 percent. Total sales and use tax collections are $2.494 billion, an increase of $142 million or 6 percent. Corporate collections total $373 million, a decrease of $58 million or 13.5 percent.