Revenue Commissioner Alan LeBovidge today announced revenue collections for May totaled $1.205 billion, a decrease of $82 million or 6.4 percent over last May. Year-to-date revenue collections totaled $14.179 billion, an increase of $787 million or 5.9 percent.
Receipts for May were $24 million below the monthly benchmark while year-to-date revenues are $495 million above the benchmark for the year. The benchmark for fiscal 2004 was revised in January to $15.230 billion.
"It was a solid month for collections," LeBovidge said. "Although the overall number was slightly below the benchmark, withholding from wages and sales tax collections were improved over last year and they also outdid projections for the month."
Income tax collections for May totaled $715 million, a decrease of $74 million or 9.4 percent under last May. Withholding tax collections totaled $592 million, an increase of $11 million or 1.9 percent over last May. Sales and use tax collections were $315 million, up $10 million or 3.2 percent from last May. Net corporate and business tax collections in May were $16 million, a decrease of $13 million or 45.2 percent under last May.
Year-to-date income tax collections totaled $7.973 billion, an increase of $608 million or 8.2 percent from last year. Year-to-date withholding tax collections were $6.780 billion, up $281 million or 4.3 percent. Sales and use tax receipts for the first 11 months of fiscal 2004 were $3.390 billion, up $13 million or 0.4 percent. Year-to-date net corporate and business taxes were $1.288 billion, an increase of $190 million or 17.3 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through May 31, 2004)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.