Revenue Commissioner Alan LeBovidge today announced that preliminary revenue collections for July were $1.189 billion, an increase of $62 million or 5.5 percent over last July. Total tax collections for the first month of fiscal 2006 were $56 million above the July benchmark.
The Executive Office of Administration and Finance estimated on April 15 that the state would collect $17.500 billion in fiscal '06. The July benchmark was computed using that annual estimate.
"While July is not one of our largest collection months, we're off to a good start," LeBovidge said. "Collections were strong across the board."
Income tax collections for July totaled $644 million, an increase of $27 million or 4.3 percent over last July. Withholding tax collections totaled $619 million, an increase of $39 million or 6.7 percent. Sales and use tax collections were $368 million, up $22 million or 6.4 percent. Corporate and business tax collections totaled $45 million, an increase of $21 million or 84.0 percent.
July 2005 Tax Collection Summary (preliminary as of August 1, 2005)