Revenue Commissioner Alan LeBovidge today announced that preliminary revenue collections for October were $1.217 billion, an increase of $118 million or 10.8 percent over last October.
Total tax collections for the fourth month of fiscal 2006 were $27 million above the October benchmark of $1.190 billion. Year-to-date collections were $5.552 billion, an increase of $436 million or 8.5 percent over the same period last year. Fiscal '06 collections are $223 million above the benchmark based on the April 15 yearly revenue estimate of $17.448 billion.
The revenue estimate for fiscal '06 was recently revised to $17.957 billion. Monthly benchmarks corresponding to the new estimate will be released soon.
"October is one of our smallest revenue months," LeBovidge said. "We benefited from the biggest tax settlement in the Commonwealth's history when we collected more than $30 million in the WorldCom bankruptcy."
Income tax collections for October totaled $715 million, an increase of $57 million or 8.6 percent over last October. Withholding tax collections totaled $659 million, an increase of $57 million or 9.5 percent. Sales and use tax collections were $331 million, up $2 million or 0.6 percent. Corporate and business tax collections were up $57 million.
Year-to-date income tax collections were $3.057 billion, an increase of $210 million or 7.4 percent. Year-to-date withholding tax collections were $2.560 billion, an increase of $149 million or 6.2 percent. Year-to-date sales and use tax revenues were $1.382 billion, an increase of $56 million or 4.2 percent. Year-to-date corporate and business tax collections were $526 million, an increase of $186 million or 54.6 percent.
October 2005 Tax Collection Summary (preliminary as of November 1, 2005)