Fiscal Year 2001 Preliminary Revenues Total $16.757 Billion

July 12, 2001
Tim Connolly
(617) 626-2369
Nicole St. Peter
(617) 626-4058

Acting Revenue Commissioner Bernard F. Crowley, Jr. today announced that preliminary revenues for FY2001 were $16.757 billion, up $1.069 billion or 6.8 percent from FY2000. Preliminary year-end revenues surpassed the benchmark by $525 million or 3.2 percent.

"Fiscal Year 2001 revenue collections were strong and exceeded estimates," said Crowley. "Currently, economic indicators are pointing to a slowdown in the Commonwealth's economy, as a result we will be monitoring collections very closely to watch for signs of trouble."

The Department of Revenue provides preliminary revenues for FY2001 as part of the process of closing the state's books for the year. The closing process uses Generally Accepted Accounting Principles. Final revenue numbers will be available in the fall.

Preliminary figures for FY2001 show that income tax collections were $9.90 billion, an increase of $861 million or 9.5 percent. Withholding tax revenue totaled $7.92 billion, an increase of $466 million, or an increase of 6.3 percent. Sales and use tax revenue totaled $3.76 billion, an increase of $190 million or 5.3 percent. Corporate tax collections were $945 million, down $185.4 million or 16.4 percent.

Revenue for the month of June 2001 totaled $1.861 billion, an increase of $71 million or 4.0 percent. Income tax collections were $967.1 million, up $47 million or 5.1 percent. Withholding collections were $665 million, an increase of $49 million or 7.9 percent. Sales and use tax collections were $366 million, up $35 million or 10.5 percent. Corporate revenues totaled $194 million, down $40 million or 17.3 percent.