Revenue Commissioner Alan LeBovidge today announced that preliminary revenue collections for November were $1.119 billion; the same amount collected last November. Total tax collections for the fifth month of fiscal 2006 were $4 million below the revised November benchmark.
Year-to-date collections were $6.670 billion, an increase of $435 million or 7.0 percent over last year. After five months, fiscal '06 collections are $4 million below the revised benchmark. On October 26, the full-year benchmark was raised by $509 million to $17.957 billion.
"November is a small collections month," LeBovidge said. "While most tax types were off slightly versus the new benchmark, overall collections year-to-date are still outpacing last year by 7 percent."
Income tax collections for November totaled $631 million, a decrease of $16 million or 2.5 percent from last November. Withholding tax collections totaled $632 million, a decrease of $19 million or 2.9 percent. The withholding total was reduced by a timing change that led to a shift of $45 million from November to October. Without that timing change withholding tax collections would have been up $26 million over last November.
Sales and use tax collections in November were $324 million, up $14 million or 4.6 percent. Corporate and business collections were $5 million, a decrease of $19 million from last November.
Year-to-date income tax collections were $3.688 billion, an increase of $195 million or 5.6 percent. Year-to-date withholding tax collections were $3.191 billion, an increase of $130 million or 4.3 percent. Year-to-date sales and use tax revenues were $1.706 billion, an increase of $70 million or 4.3 percent. Year-to-date corporate and business tax collections were $531 million, an increase of $167 million or 45.7 percent.
November 2005 Tax Collection Summary (preliminary as of December 1, 2005)
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