Revenue Commissioner Alan LeBovidge today announced revenue collections for May totaled $1.080 billion, a decrease of $397 million or 26.9 percent less than last May. Year-to-date revenue collections totaled $13.113 billion, down $1.76 billion or 11.9 percent below last year.
Year-to-date tax collections for fiscal year 2002 are $292 million below the midpoint of the benchmark estimate range, corresponding to the fiscal year tax revenue consensus estimate of $14.750 billion.
"The May decline was largely the result of lower payments with tax year 2001 income tax returns," LeBovidge said.
Income tax collections for May totaled $621 million, a decrease of $413 million or 39.9 percent. Withholding tax collections totaled $604 million, a decrease of $17 million or 2.7 percent. Sales and use tax collections were $310 million, up $1 million or 0.3 percent.
Year-to-date income tax collections total $7.50 billion, a decrease of $1.44 billion or 16.1 percent. Income withholding collections total $6.70 billion, a decrease of $550 million or 7.6 percent. Total sales and use tax collections are $3.39 billion, a decrease of $4.8 million or 0.1 percent. Corporate collections total $464 million, a decrease of $287 million or 38.2 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through May 31, 2002)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.