Revenue Commissioner Alan LeBovidge today announced revenue collections for July totaled $1.020 billion, a decrease of $6 million or 0.6 percent less than last July.
Receipts for the first month of fiscal 2003 were only $4 million below the midpoint of the benchmark.
"While revenues were on target for the month, we are concerned that the withholding and sales numbers are not strong,'' LeBovidge said. "For revenues to remain on target, it will be critical that the forecasted turnaround in the economy materialize in the last three quarters of the fiscal year."
Income tax collections for July totaled $545 million, a decrease of $7.4 million or 1.3 percent. Withholding tax collections totaled $514 million, a decrease of $23.7 million or 4.4 percent. Sales and use tax collections were $334 million, up $6.4 million or 1.9 percent, but when motor vehicles sales and meals taxes are excluded, regular sales tax collections were $230 million, down $2 million or 0.9 percent. Corporate receipts for July were $16.6 million, up $1.3 million, or 8.7 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through July 31, 2002)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.