Revenue Commissioner Alan LeBovidge today announced revenue collections for May totaled $1.327 billion, an increase of $122 million or 10.1 percent over last May. Year-to-date revenue collections totaled $15.258 billion, an increase of $1.077 billion or 7.6 percent. Receipts for May were $68 million above the monthly benchmark while year-to-date revenues are $377 million above the benchmark. The fiscal 2005 benchmark was revised April 15 to $16.650 billion. "We are still benefiting from stronger than expected income tax payments with returns," LeBovidge said. "The year-to-date surplus of $377 million is almost entirely accounted for by the income tax."
Income tax collections for May totaled $801 million, an increase of $85 million or 11.9 percent over last May. Withholding tax collections totaled $628 million, an increase of $36 million or 6.0 percent over last May. Sales and use tax collections were $332 million, up $15 million or 4.8 percent from last May. Net corporate and business tax collections in May were $41 million, an increase of $25 million or 157.2 percent over last May.
Year-to-date income tax collections totaled $8.776 billion, an increase of $802 million or 10.1 percent over last year. Year-to-date withholding tax collections were $7.070 billion, up $290 million or 4.3 percent. Sales and use tax receipts for the first 11 months of fiscal 2005 were $3.532 billion, up $140 million or 4.1 percent. Year-to-date net corporate and business taxes were $1.324 billion, an increase of $36 million or 2.8 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through May 31, 2005)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.
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