Revenue Commissioner Alan LeBovidge today announced revenue collections for January totaled $1.686 billion, an increase of $179 million or 11.9 percent more than last January. Year-to-date revenue collections total $9.508 billion, an increase of $627 million or 7.1 percent over last year.
Receipts for January were $87 million above the benchmark that was adjusted on October 15. Year-to-date revenues are now $158 million above the full-year fiscal 2005 benchmark.
"It was a strong month carried mainly by income tax on bonuses and estimated payments of tax on such income as capital gains," LeBovidge said. "Some of the large gain in withholding taxes can be attributable to the timing of payments from month-to-month, but even allowing for that it was a strong month."
Income tax collections for January totaled $1.175 billion, an increase of $160 million or 15.8 percent from last January. Withholding tax collections totaled $765 million, an increase of $110 million or 16.9 percent. Sales and use tax collections were $375 million, up $43 million or 13 percent. Corporate and business tax collections, after refunds, were $1 million, a drop of $30 million from last January.
Year-to-date income tax collections totaled $5.584 billion, an increase of $500 million or 9.8 percent. Income tax withholding for the first seven months of fiscal 2005 totaled $4.541 billion, up $272 million or 6.4 percent. Total sales and use collections were $2.321 billion, an increase of $104 million or 4.7 percent. Corporate and business tax collections are $568 million for the fiscal year, a decrease of $54 million or 8.6 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through January 31, 2005)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.