Revenue Commissioner Alan LeBovidge today announced that preliminary revenue collections for September were $1.940 billion, an increase of $242 million or 14.3 percent over last September. It was the biggest September on record and the second biggest collections month ever, behind the $2 billion collected in April, according to LeBovidge.
Total tax collections for the third month of fiscal 2006 were $177 million above the September benchmark. Year-to-date collections were $4.334 billion, an increase of $317 million or 7.9 percent. After three months, fiscal '06 collections are $194 million above the benchmark.
"Collections were strong, particularly in corporate and business taxes and in estimated payments made for income tax,'' LeBovidge said. "No matter how you slice it this was a very good first quarter."
Despite a two-day sales tax holiday in August, sales and use tax collections in September were higher than last year and slightly below the benchmark. August sales and use tax collections are reported and paid by retailers in September. The true impact of the Sales Tax Holiday Weekend will not be known until December when DOR completes its analysis.
Income tax collections for September totaled $1.025 billion, an increase of $117 million or 12.9 percent over last September. Withholding tax collections totaled $627 million, an increase of $48 million or 8.2 percent. Sales and use tax collections were $326 million, up $11 million or 3.4 percent. Corporate and business tax collections totaled $433 million, an increase of $113 million or 35.2 percent over last September.
Year-to-date income tax collections were $2.341 billion, an increase of $152 million or 7.0 percent.
Year-to-date withholding tax collections were $1.900 billion, an increase of $91 million or 5.1 percent.
Year-to-date sales and use tax revenues were $1.050 billion, an increase of $53 million or 5.3 percent.
Year-to-date corporate and business tax collections were $502 million, an increase of $128 million or 34.3 percent.
September 2005 Tax Collection Summary (preliminary as of October 1, 2005)