Nicole St. Peter
Revenue Commissioner Alan LeBovidge today announced that revenue collections for the month of December totaled $1.328 billion, down $96 million or 6.7 percent from December 2000, resulting in year-to-date revenue collections of $7.004 billion down $543 million or 7.2 percent. Collections for FY2002 are now $189 million below the midpoint of the year-to-date benchmark estimate range.
"December is a key indicator month for corporate and business revenues as estimated payments are due," said LeBovidge. "As they have been throughout FY2002, corporate and business collections in December were very weak reflecting the substantial drop in corporate profits we have seen over the last year."
Income tax collections for December totaled $733 million, a decrease of $15 million or 2.1 percent. Withholding tax collections totaled $688 million, down $9 million or 1.3 percent. Sales and use tax collections were $266 million, a decrease of $23 million or 8 percent (Retailers pay sales taxes that they collect in December in January 2002.) Corporate tax collections were $136 million, a decrease of $38 million or 22 percent.
Year-to-date income tax collections totaled $4.045 billion, down $293 million or 6.8 percent. Withholding tax collections were $3.686 billion, a decrease of $223 million or 5.7 percent. Sales and use tax collections were $1.845 billion, down $1.6 million or 0.1 percent. Corporate tax collection totaled $159 million, a decrease of $210 million or 56.9 percent.
<strong>Monthly Revenue Report</strong>
(PDF) (through December 31, 2002)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.