Revenue Commissioner Alan LeBovidge today announced that preliminary revenue collections for August were $1.206 billion, an increase of $13 million or 1.1 percent over last August. Total tax collections for the second month of fiscal 2006 were $38 million below the August benchmark.
Year-to-date collections were $2.394 billion, an increase of $75 million or 3.2 percent. After two months, fiscal '06 collections are $18 million above the benchmark.
"The timing of some withholding payments resulted in some expected August revenue being credited to July," LeBovidge said. "Given that, it's probably best to look at the first months of the fiscal year together. After two months we are well ahead of last year and ahead of the year-to-date benchmark."
The monthly sales tax collections, it should be noted, were not affected by the August 13-14 sales tax holiday weekend. Sales tax collected in August will be reported and paid to the Commonwealth in September.
Income tax collections for August totaled $670 million, an increase of $7 million or 1.0 percent over last August. Withholding tax collections totaled $654 million, an increase of $5 million or 0.7 percent. Sales and use tax collections were $354 million, up $19 million or 5.7 percent. Corporate and business tax collections totaled $23 million, a decrease of $6 million or 20.2 percent over last August.
Year-to-date income tax collections were $1.315 billion, an increase of $34 million or 2.7 percent. Year-to-date withholding tax collections were $1.273 billion, an increase of $44 million or 3.6 percent. Year-to-date sales and use tax revenues were $723 million, an increase of $42 million or 6.2 percent. Year-to-date corporate and business tax collections were $68 million, an increase of $15 million or 27.9 percent.
August 2005 Tax Collection Summary (preliminary as of September 1, 2005)
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