Revenue Commissioner Alan LeBovidge today announced that preliminary revenue collections for November were $1.120 billion, an increase of $75 million or 7.1 percent over last November. Total tax collections for the fifth month of fiscal 2005 were $42 million below the revised November benchmark.
Year-to-date collections were $6.236 billion, an increase of $316 million or 5.3 percent over last year. After five months, fiscal '05 collections are $38 million above the revised benchmark. On October 15, the full-year benchmark was raised by $301 million to $16.231 billion.
Income tax collections for November totaled $646 million, an increase of $15 million or 2.4 percent over last November. However, income tax collections fell $67 million short of the monthly benchmark. Withholding tax collections totaled $650 million, an increase of $14 million or 2.1 percent. Sales and use tax collections were $310 million, up $24 million or 8.3 percent. Corporate and business collections were $24 million, an increase of $40 million over last November when refunds outpaced collections.
"The numbers for the month are somewhat misleading as an economic indicator, especially in the income tax area," LeBovidge said. "The November withholding shortfall from benchmark was largely due to changes in the timing of withholding payments that increased October tax collections and decreased November collections by similar amounts."
Year-to-date income tax collections were $3.493 billion, an increase of $231 million or 7.1 percent. Year-to-date withholding tax collections were $3.061 billion, an increase of $120 million or 4.1 percent. Year-to-date sales and use tax revenues were $1.635 billion, an increase of $59 million or 3.7 percent. Year-to-date corporate and business tax collections were $364 million, a decrease of $23 million or 5.9 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through November 30, 2004)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.
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