Revenue Commissioner Alan LeBovidge today announced that preliminary revenue collections for July were $1.127 billion, an increase of $60 million or 5.7 percent more than last July. Total tax collections for the first month of fiscal 2005 were $72 million above the July benchmark.
LeBovidge also announced the collection of an additional $12 million that has been credited to fiscal 2004, which ended June 30. That revenue, mostly deeds excise taxes, brings the fiscal '04 bottom line to $15.954 billion. Fiscal '04 collections exceeded the benchmark by $724 million.
"Revenues in the first month of fiscal '05 are continuing the trend we saw at the end of fiscal '04,'' LeBovidge said. "Withholding taxes were particularly strong. Sales and use taxes were strong overall, but sales taxes on motor vehicles were off. That is something to keep an eye on."
Income tax collections for July totaled $616 million, an increase of $39 million or 6.7 percent over last July. Withholding tax collections totaled $579 million, an increase of $26 million or 4.7 percent. Sales and use tax collections were $345 million, up $10 million or 3.0 percent. Corporate and business tax collections totaled $22 million, a decrease of $6 million or 20.7 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through July 31, 2004)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.