Nicole St. Peter
Revenue Commissioner Frederick A. Laskey today announced that revenue collections for April 2001 totaled $1.55 billion, an increase of $278 million or 21.8 percent over last April. Year-to-date revenue collections totaled $13.42 billion, up $1.14 billion or 9.3 percent above last year. Collections for FY2001 are $480 million above the midpoint of the benchmark estimate range.
"The dramatic increase in income tax collections for April income tax is almost entirely due to an improved efficiency in processing and depositing tax return payments in the bank," said Laskey. "Withholding, sales and corporate tax collections were below the benchmark estimate in April and caution should be used in interpreting the Commonwealth's complete revenue picture."
Income tax collections for April totaled $1.13 billion, an increase of $252 million or 28.5 percent. Withholding tax collections $576 million, an increase of $8.7 million or 1.5 percent. Payments with income tax returns totaled $581 million, an increase of $245 million, or 72.7 percent. This sharp increase over last year is due to a faster rate of processing returns. Last April also had one less processing day and some payments were delayed. Sales and Use tax collections were $277 million, up $7.3 million or 2.7 percent. Corporate revenue totaled $29 million, a decrease of $29 million or 49.8 percent.
Year-to-date income tax collections totaled $8 billion, an increase of $896 million or 12.8 percent. Income withholding collections total $6.63 billion, an increase of $450 million or 7.3 percent. Total sales and use tax collections are $3.08 billion, an increase of $187 million or 6.5 percent. Corporate collections are $760 million, a decrease of $106 million or 12.3 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through April 30, 2001)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.