Revenue Commissioner Alan LeBovidge today announced revenue collections for March totaled $1.557 billion, an increase of $187 million or 13.7 percent more than last March. Year-to-date revenue collections totaled $11.913 billion, an increase of $759 million or 6.8 percent over the same period last year.
Receipts for March were $124 million above the monthly benchmark. Year-to-date revenues were $262 million above the yearly benchmark that was revised in October.
"All tax types were up except for sales and use tax, which remains rather flat," LeBovidge said.
"Income tax collections were up for a variety of reasons, though some of the increase may have been due to changes in the timing of bonus payments compared to last year. Also, an unusually large estate tax payment was received in March. With year-to-date collections well above benchmark, this bodes well for the end of fiscal year results."
Income tax collections for March totaled $478 million, an increase of $78 million or 19.5 percent from last March. Withholding tax collections totaled $669 million, an increase of $57 million or 9.2 percent. Sales and use tax collections were $281 million, down $1 million or 0.2 percent. Corporate and business tax collections in March were $643 million, an increase of $75 million or 13.3 percent over last March.
Year-to-date income tax collections were $6.447 billion, an increase of $482 million or 8.1 percent over last year at this time. Year-to-date withholding tax collections were $5.830 billion, up $242 million or 4.3 percent over last year. Sales and use tax collections for the first nine months of fiscal 2005 were $2.881 billion, up $113 million or 4.1 percent from the same period in fiscal '04. Year-to-date corporate and business tax collections were $1.244 billion, up $44 million or 3.7 percent over last year at this time.
<strong>Monthly Revenue Report</strong> (PDF) (through March 31, 2005)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.