Revenue Commissioner Alan LeBovidge today announced that preliminary revenue collections for October were $1.100 billion, an increase of $24 million or 2.3 percent over last October.
Total tax collections for the fourth month of fiscal 2005 were $82 million above the revised October benchmark of $1.018 billion. Year-to-date collections were $5.117 billion, an increase of $243 million or 5.0 percent. Fiscal '05 collections are $82 million above the revised benchmark.
After three strong months in which revenues outpaced the benchmark by $100 million, the fiscal '05 benchmark was raised to $16.231 billion from $15.930 billion.
"October is one of our smallest revenue months and this year we had two fewer deposit days than last year," LeBovidge said. "Despite that, total revenues are up and withholding taxes are up substantially. Even with the recalibration of the yearly benchmark two weeks ago, revenues outpaced the new estimate."
Income tax collections for October totaled $657 million, an increase of $47 million or 7.7 percent over last October. Withholding tax collections totaled $602 million, an increase of $25 million or 4.3 percent. Sales and use tax collections were $329 million, down $1 million or 0.3 percent. Corporate and business tax collections were down $34 million as refunds were greater than collections in October.
Year-to-date income tax collections were $2.845 billion, an increase of $214 million or 8.1 percent. Year-to-date withholding tax collections were $2.410 billion, an increase of $105 million or 4.6 percent. Year-to-date sales and use tax revenues were $1.326 billion, an increase of $35 million or 2.7 percent. Year-to-date corporate and business tax collections were $340 million, a decrease of $63 million or 15.6 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through October 31, 2004)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.