Revenue Commissioner Alan LeBovidge today announced that preliminary revenue collections for fiscal 2005 were $17.086 billion, an increase of $1.133 billion or 7.1 percent over fiscal '04. Total tax collections for the fiscal '05 exceeded the revised yearly benchmark by $436 million.
It was the first time the Revenue Department had collected $17 billion in a fiscal year.
Revenue collections for June were $1.829 billion, an increase of $56 million or 3.2 percent over last June. The month's total was $60 million above the monthly benchmark.
"All tax types had improved collections in fiscal '05," LeBovidge said. "Only sales and use tax fell below the yearly estimate and that was due to a one-time accounting adjustment of $18 million. Income tax collections accounted for much of the increase versus the benchmark."
Income tax collections for fiscal '05 totaled $9.690 billion, an increase of $860 million or 9.7 percent over fiscal '04. Withholding tax collections totaled $7.674 billion, an increase of $306 million or 4.1 percent. Sales and use tax collections were $3.886 billion, up $137 million or 3.7 percent. Corporate and business tax collections totaled $1.706 billion, an increase of $31 million or 1.8 percent.
Income tax collections for June were $913 million, an increase of $58 million or 6.7 percent over last June. Withholding tax collections were $604 million, up 16 million or 2.7 percent. Sales and use tax collections totaled $353 million, a drop of $4 million or 1.2 percent. Corporate and business tax collections in June were $382 million, a decrease of $5 million or 1.4 percent.
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