Revenue Commissioner Alan LeBovidge today announced revenue collections for December totaled $1.454 billion, an increase of $60 million or 4.3 percent over last December. Receipts for the sixth month of fiscal 2004 were $113 million above the benchmark.
Year-to-date tax collections were $7.373 billion, an increase of $396 million or 5.7 percent over last December. At the halfway point in fiscal '04, collections were $356 million above the benchmark.
"Very strong personal and corporate estimated tax payments were the main reasons why revenue collections exceeded the December projection," LeBovidge said. "These payments reinforce that the corporate profit picture continues to improve and indicate that individuals have recognized significant capital gains during the year.''
Income tax collections for December totaled $807 million, an increase of $55 million or 7.3 percent from last December. Withholding tax collections totaled $673 million, a decrease of $3 million or 0.5 percent. Sales and use tax collections were $309 million, down $5 million or 1.6 percent. Corporate and business tax collections were $204 million, an increase of 13 million or 6.6 percent
Year-to-date income tax collections totaled $4.069 billion, an increase of $286 million or 7.6 percent. Income tax withholding for the first six months of fiscal 2004 totaled $3.614 billion, up $95 million or 2.7 percent. Total sales and use collections were $1.886 billion, an increase of $10 million or 0.5 percent. Corporate and business taxes for the first six months of fiscal '04 totaled $591 million, an increase of $134 million or 29.4 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through December 31, 2003)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.