Nicole St. Peter
Revenue Commissioner Frederick A. Laskey today announced that revenue collections for the month of March totaled $1.45 billion, up $52 million or 3.7 percent from March 2000. Year-to-date revenue collections are $11.862 billion, an increase of $860 million or 7.8 percent from last year. Collections for FY2001 are $319 million above the midpoint of the benchmark estimate range.
"Historically March is one of the largest tax collection months of the year. Last month tax collections continued to grow at a moderate and healthy rate, said Laskey. "As we head into the final stretch of the filing season we expect to see more payments coming in next month."
Income tax collections for March totaled $480 million, an increase of $9 million or 2 percent. Withholding tax collections totaled $654 million, a decrease of $16 million or 2.4 percent. As expected, withholding tax collections were lowered by the reduction in the income tax rate to 5.6 percent under the Question 4 ballot initiative, which took effect January 1, 2001. Sales and use tax collections were $304 million, an increase of $34 million or 12.5 percent. Corporate revenues were $355 million, down $22 million or 6 percent.
Year-to-date income tax collections totaled $6.765 billion, an increase of $645 million or 10.5 percent. Income withholding collections totaled $6.05 billion, an increase of $440 million or 7.8 percent. Total sales and use tax collections are $2.8 billion, an increase of $178 million or 6.8 percent. Corporate collections are $730 million, a decrease of $78 million or 9.7 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through March 31, 2001)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.