Nicole St. Peter
Revenue Commissioner Frederick A. Laskey today announced that revenue collections for May 2001 totaled $1.48 billion, a decrease of $154 million or 9.4 percent less than last May. Year-to-date revenue collections totaled $14.9 billion, up $991 million or 7.1 percent above last year.
Collections for fiscal year 2001 are $394 million above the midpoint of the benchmark estimate range. That figure reflects a drop of $89 million during May.
"Sales, withholding and corporate taxes were off in May compared to a very strong collections a year ago," said Laskey.
Income tax collections for May totaled $1.03 billion, a decrease of $86 million or 7.7 percent. Withholding tax collections totaled $623 million, a decrease of $32 million or 4.9 percent. Payments with income tax returns totaled $565 million, an increase of $6 million, or 1.1 percent. Income tax payments totaled $75 million, a decrease of $25 million or 25 percent. Sales and Use tax collections were $308 million, down $34 million or 9.9 percent. Corporate receipts for May decreased $37 million, or 124.1 percent.
Year-to-date income tax collections total $8.9 billion, an increase of $814 million or 10.0 percent. Income withholding collections total $7.26 billion, an increase of $419 million or 6.1 percent. Total sales and use tax collections are $3.39 billion, an increase of $155 million or 4.8 percent. Corporate collections total $752 million, a decrease of $144 million or 16.0 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through May 31, 2001)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.