Revenue Commissioner Alan LeBovidge today announced that preliminary revenue collections for fiscal 2004 were $15.942 billion, an increase of $978 million or 6.5 percent more than fiscal 2003. The total for fiscal 2004 was $712 million above the yearly benchmark of $15.230 billion.
Total tax collections for June were $1.762 billion, an increase of $190 million or 12.1 percent over last June.
"These year-end numbers are encouraging,'' said Revenue Commissioner Alan LeBovidge. "We finished the fiscal year with improved collections in virtually every tax type over last year when we benefited from a lot of one-time payments under the Tax Amnesty program. And collections compared to the benchmark were very strong."
Income tax collections for fiscal '04 totaled $8.830 billion, an increase of $804 million or 10.0 percent over fiscal '03. Income withholding collections totaled $7.368 billion, an increase of $277 million or 3.9 percent. Total sales and use tax collections were $3.750 billion, an increase of $41 million or 1.1 percent. Corporate and business collections totaled $1.675 billion, an increase of $146 million or 9.5 percent.
Collections for the year outperformed the forecast across the board. Income tax collections exceeded the benchmark by $614 million; income withholding by $131 million; sales and use taxes by $63 million; and corporate and business taxes exceeded the benchmark by $2 million. "Looking at June collections separately, sales and use tax collections in particular showed marked improvement," LeBovidge said.
Income tax collections for June totaled $856 million, an increase of $195 million over last June or 29.6 percent. Withholding tax collections totaled $588 million, a decrease of $5 million or 0.8 percent. Sales and use tax collections were $358 million, up $27 million or 8.1 percent. Corporate and business collections totaled $388 million, a decrease of $44 million or 10.2 percent.
<strong>Collection Report</strong> (PDF)
Preliminary June Collection Summary as of 7/12/2004