Revenue Commissioner Alan LeBovidge today announced revenue collections for January totaled $1.485 billion, a decrease of $95 million or 6.0 percent less than last January. Year-to-date revenue collections total $8.462 billion, a decrease of $123 million or 1.4 percent.
Receipts for January were $158 million below the midpoint of the benchmark range. That total does not reflect the early receipt of $75 million that helped inflate the December revenue report. Adjusting for that early payment, January's revenues were $83 million below the benchmark. Year-to-date revenues were $105 million below the benchmark that was revised by Administration & Finance in October.
Collections for January are consistent with the revenue shortfall projected last week by Secretary of Administration and Finance Eric Kriss.
"Estimated income tax payments were a concern," LeBovidge said. "These payments reflect taxes on capital gains, taxes on interest and dividends, and taxes on unincorporated business income."
Income tax collections for January totaled $987 million, a decrease of $93 million or 8.6 percent from last January. Withholding tax collections totaled $634 million, a decrease of $35 million or 5.3 percent. Sales and use tax collections were $373 million, down $21 million or 5.4 percent.
Year-to-date income tax collections total $4.769 billion, a decrease of $359 million or 7.0 percent. Income tax withholding for the first seven months of fiscal 2003 total $4.153 billion, down $204 million or 4.7 percent. Total sales and use collections are $2.250 billion, an increase of $9 million or 0.4 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through January 31, 2003)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.