Revenue Commissioner Alan LeBovidge today announced revenue collections for May totaled $1.286 billion, an increase of $203 million or 18.7 percent over last May. Year-to-date revenue collections totaled $13.390 billion, an increase of $275 million or 2.1 percent.
Receipts for May were $166 million above the monthly benchmark while year-to-date revenues are $225 million above the midpoint of the benchmark range for the year. The benchmark for fiscal 2003 was revised in February to $14.748 billion.
"While the monthly collections were good, there are some signs of caution," LeBovidge said. "Faster processing of payments with income tax returns boosted May's overall number. Some of those payments had been projected for June receipt. However, withholding from wages and sales taxes continue to be a concern. Both items are lagging behind monthly projections."
Income tax collections for May totaled $788 million, an increase of $166 million or 26.7 percent over last May. Withholding tax collections totaled $580 million, a decrease of $25 million or 4.1 percent from last May. Sales and use tax collections were $303 million, down $8.5 million or 2.7 percent from last May. Net corporate and business tax collections in May were $29 million, an increase of $23 million or 328 percent over last May.
"June's number will likely be held down by income tax refunds for people who file paper returns,'' LeBovidge said. "We anticipate that all refunds on returns filed by April 15 will be out the door by June 30. Last year we were still sending out refunds in August."
Year-to-date income tax collections totaled $7.365 billion, a decrease of $133 million or 1.8 percent from last year. Year-to-date withholding tax collections were $6.498 billion, down $206 million or 3.1 percent. Sales and use tax receipts for the first 11 months of fiscal 2003 were $3.375 billion, down $12.5 million or 0.4 percent. Year-to-date net corporate and business taxes were $1.098 billion, an increase of $211 million or 23.9 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through May 31, 2003)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.