Revenue Commissioner Alan LeBovidge today announced that preliminary revenue collections for August were $1.192 billion, an increase of $103 million or 9.4 percent over last August. Total tax collections for the second month of fiscal 2005 were $16 million above the August benchmark.
Year-to-date collections were $2.319 billion, an increase of $163 million or 7.6 percent. After two months, fiscal '05 collections are $88 million above the benchmark.
"We're off to a good start,'' LeBovidge said. "Sales and use tax collections were particularly strong even though sales tax collections on motor vehicles were actually below the benchmark for the month."
The monthly sales tax collections, it should be noted, were not affected by the August 14 sales tax holiday. Sales tax collected in August will be reported and paid to the Commonwealth in September.
Income tax collections for August totaled $662 million, an increase of $58 million or 9.6 percent over last August. Withholding tax collections totaled $650 million, an increase of $48 million or 8.0 percent. Sales and use tax collections were $334 million, up $21 million or 6.8 percent. Corporate and business tax collections totaled $28 million, an increase of $2 million or 7.9 percent over last August.
Year-to-date income tax collections were $1.279 billion, an increase of $98 million or 8.3 percent. Year-to-date withholding tax collections were $1.229 billion, an increase of $75 million or 6.5 percent. Year-to-date sales and use tax revenues were $680 million, an increase of $33 million or 5.0 percent. Year-to-date corporate and business tax collections were $53 million, a decrease of $1 million or 1.7 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through August 30, 2004)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.