Revenue Commissioner Alan LeBovidge today announced revenue collections for January totaled $1.509 billion, an increase of $22 million or 1.5 percent more than last January. Year-to-date revenue collections total $8.882 billion, an increase of $419 million or 4.9 percent over last year.
Receipts for January were $47 million above the newly adjusted benchmark. Administration & Finance as well as leaders of the House and Senate revised the fiscal '04 benchmark to $15.230 billion from $14.796 billion on January 15. Year-to-date revenues are now $47 million above the fiscal 2004 revised benchmark.
"While sales tax collections continue to be flat, they are artificially depressed this month because of a large payment relating to the settlement of a sales tax issue," LeBovidge said. "Healthy estimated income tax payments and bonuses to employees seem responsible for the increase in income tax collections."
Income tax collections for January totaled $1.013 billion, an increase of $26 million or 2.7 percent from last January. Withholding tax collections totaled $654 million, an increase of $19 million or 3.0 percent. Sales and use tax collections were $333 million, down $40 million or 10.8 percent.
Year-to-date income tax collections totaled $5.082 billion, an increase of $313 million or 6.6 percent. Income tax withholding for the first seven months of fiscal 2004 totaled $4.268 billion, up $114 million or 2.7 percent. Total sales and use collections were $2.219 billion, a decrease of $31 million or 1.4 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through January 31, 2004)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.