Revenue Commissioner Alan LeBovidge today announced revenue collections for August totaled $1.061 billion, a decrease of $52 million or 4.7 percent less than last August. Year-to-date income tax collections total $2.074 billion, a decrease of $65 million or 3.0 percent. Receipts for August were $37 million below the midpoint of the benchmark range.
"Sales and use tax was down more than we expected so that is a concern, but August is one of the smallest collection months of the year," LeBovidge said. "The first significant month for revenue collections is September when estimated payments are due.''
The cigarette excise tax collections were $43.7 million, an increase of $18 million over last August and $5 million more than anticipated. The excise on cigarettes was increased to $1.51 per pack from 76 cents per pack at the end of July. However, the larger than expected collections in cigarette excise tax could be a combination of smokers stocking up on cigarettes before the law change and the collection of an inventory tax from retailers. The inventory tax amounted to the difference between the old excise tax and new excise tax on each pack of cigarettes already on the retail shelves when the law changed.
Income tax collections for August totaled $595 million, a decrease of $34 million or 5.4 percent from last August. Withholding tax collections totaled $589 million, a decrease of $35 million or 5.6 percent. Sales and use tax collections were $315 million, down $16 million or 4.9 percent.
Year-to-date income tax collections total $1.133 billion, a decrease of $48 million or 4.1 percent. Income tax withholding for the first two months of fiscal 2003 total $1.103 billion, down $59 million or 5.0 percent. Total sales and use collections are $649 million, a decrease of $10 million or 1.5 percent.
Year-to-date figures reflect a $7 million change in the July collections in accounting for tax returns received at the end of fiscal 2002 and processed in July.
<strong>Monthly Revenue Report</strong>
(PDF) (through August 31, 2002)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.