April 1, 2002
Tim Connolly
(617) 626-2369

Revenue Commissioner Alan LeBovidge today announced revenue collections for March 2002 totaled $1.29 billion, a decrease of $156 million or 10.7 percent less than last March. Year-to-date revenue collections totaled $10.7 billion, down $1.2 billion or 9.8 percent below last year.

Collections for fiscal year 2002 are $10 million below the newly adjusted midpoint of the benchmark estimate range, $14.760 billion.

"While collections are down across the board, they dropped at a slower rate in March," LeBovidge said. "That's an encouraging sign for people watching the economy."

Income tax collections for March totaled $423 million, a decrease of $57 million or 12.0 percent. Withholding tax collections totaled $569 million, a decrease of $85 million or 13.0 percent. Sales and use tax collections were $286 million, down $19 million or 6.3 percent. Corporate receipts for March were $272 million, down $83 million, or 23.3 percent.

Year-to-date income tax collections total $5.99 billion, a decrease of $778 million or 11.5 percent. Income withholding collections total $5.56 billion, a decrease of $494 million or 8.2 percent. Total sales and use tax collections are $2.76 billion, a decrease of $42 million or 1.5 percent. Corporate collections total $413 million, a decrease of $317 million or 43.4 percent.