Revenue Commissioner Alan LeBovidge today announced revenue collections for March totaled $1.390 billion, an increase of $95 million or 7.3 percent over last March. Year-to-date revenue collections totaled $10.694 billion, an increase of $12.358 million or 0.1 percent.
Receipts for March were $74 million above the midpoint of the benchmark range. Year-to-date revenues were $80 million above the benchmark that was revised by Administration & Finance in February.
"Healthier than expected corporate and business payments and more payments from two successful amnesty periods helped push the revenues above the benchmark," LeBovidge said. "We collected about $12 million more than we anticipated in amnesty checks this month."
Net corporate tax collections in March were $304 million, an increase of $29 million or 10.5 percent over last March. Business excise tax collections were $233 million, up $23 million or 11.0 percent.
Income tax collections for March totaled $460 million, an increase of $36 million or 8.5 percent from last March. Withholding tax collections totaled $611 million, an increase of $41 million or 7.2 percent. Sales and use tax collections were $272 million, down $17 million or 6.0 percent.
"April and May will be critical months," LeBovidge said. "This is when capital gains dollars will start being collected. This is a key to meeting the fiscal '03 budget.
<strong>Monthly Revenue Report</strong> (PDF) (through March 31, 2003)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.