Revenue Commissioner Alan LeBovidge today announced that preliminary revenue collections for November were $1.045 billion, an increase of $31 million or 3.0 percent over last November. Total tax collections for the fifth month of fiscal 2004 were $21 million above the November benchmark of $1.024 billion.
Year-to-date collections were $5.920 billion, an increase of $337 million or 6.0 percent over last year. After five months, fiscal '04 collections are $244 million above the benchmark.
"We continue to exceed the overall benchmarks in fiscal 2004. Unfortunately in November we fell short of the benchmarks for wage withholding and corporate taxes. Also sales tax receipts just met the benchmark," LeBovidge said. "Lower than anticipated income tax refunds were the key to exceeding the overall monthly revenue projection."
Income tax collections for November totaled $630 million, an increase of $60 million or 10.5 percent over last November. Withholding tax collections totaled $636 million, an increase of $13 million or 2.1 percent. Sales and use tax collections were $286 million, up $2 million or 0.6 percent. Corporate and business tax refunds outpaced collections by $15 million, a decrease of $39 million over last November.
Year-to-date income tax collections were $3.261 billion, an increase of $230 million or 7.6 percent. Year-to-date withholding tax collections were $2.941 billion, an increase of $98 million or 3.4 percent. Year-to-date sales and use tax revenues were $1.578 billion, an increase of $16 million or 1.0 percent. Year-to-date corporate and business tax collections were $387 million, an increase of $122 million or 45.8 percent.
Monthly Revenue Report (PDF) (through November 30, 2003)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.