August 1, 2001
Tim Connolly
(617) 626-2369

Nicole St. Peter
(617) 626-4058

Acting Revenue Commissioner Bernard F. Crowley, Jr. today announced that preliminary collections for July 2001 totaled $1.024 billion, down $40 million or 3.8 percent from tax receipts in July 2000.

"The revenue numbers for the first month of fiscal year 2002 suggest that the economy is slowing down," Crowley said. "We will continue to monitor revenues closely in the new fiscal year, but urge caution in formulating a fiscal year 2002 tax revenue estimate."

Income tax collections for July and year-to-date totaled $551 million, a decrease of $28.7 million or 4.9 percent. Withholding tax collections were $538 million, down $37.2 million or 6.5 percent. Sales and use tax collections totaled $324 million, a decrease of $12.1 million or 3.6 percent.