Revenue Commissioner Alan LeBovidge today announced that preliminary revenue collections for August were $1.091 billion, an increase of $27 million or 2.5 percent over last August. Total tax collections for the second month of fiscal 2004 were $69 million above the August benchmark of $1.022 billion.
Year-to-date collections were $2.157 billion, an increase of $80 million or 3.9 percent. After two months, fiscal '04 collections are $108 million above the benchmark.
"We did a little better with collections last month than we did last August," LeBovidge said. "One difference can be seen in the increased corporate and business taxes. Last August we had a net loss in that area when refunds were factored in. September, the next significant collections month, will be a better barometer on how the Commonwealth is doing in fiscal '04."
The recent increased use of electronic funds transfer by payroll companies and larger collectors of trustee taxes also helped fiscal '04 compare favorably to fiscal '03. At this point last year, only a few of these companies were using the faster payment method.
Income tax collections for August totaled $603 million, an increase of $7 million or 1.1 percent over last August. Withholding tax collections totaled $601 million, an increase of $12 million or 2.0 percent. Sales and use tax collections were $313 million, down $4 million or 1.3 percent. Corporate and business tax collections totaled $26 million; last August refunds exceeded collections.
Year-to-date income tax collections were $1.180 billion, an increase of $46 million or 4.1 percent. Year-to-date withholding tax collections were $1.154 billion, an increase of $50 million or 4.5 percent. Year-to-date sales and use tax revenues were $647 million, a decrease of $3 million or 0.5 percent. Year-to-date corporate and business tax collections were $54 million, an increase of 36 million or 196 percent.
Monthly Revenue Report (PDF) (through September 2, 2003)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.