Revenue Commissioner Alan LeBovidge today announced revenue collections for December totaled $1.587 billion, an increase of $133 million or 9.2 percent over last December. Receipts for the sixth month of fiscal 2005 were $34 million above the benchmark.
Year-to-date tax collections were $7.822 billion, an increase of $448 million or 6.1 percent over last December. Since October, when the FY05 benchmark was raised, year-to-date collections have run $71 million above the new benchmark.
"We made the benchmark for the month based largely on growth in estimated payments on income taxes, which reflects non-wage income from such sources as capital gains, interest and dividends, unincorporated businesses, and S-corporations," LeBovidge said.
Income tax collections for December totaled $915 million, an increase of $108 million or 13.3 percent from last December. Withholding tax collections totaled $715 million, an increase of $42 million or 6.2 percent. Sales and use tax collections were $311 million, up $2 million or 0.7 percent. Corporate and business tax collections were $202 million, a decrease of 1 million or 0.6 percent
Year-to-date income tax collections totaled $4.409 billion, an increase of $340 million or 8.3 percent. Income tax withholding for the first six months of fiscal 2004 totaled $3.776 billion, up $162 million or 4.5 percent. Total sales and use collections were $1.947 billion, an increase of $61 million or 3.2 percent. Corporate and business taxes for the first six months of fiscal '05 totaled $567 million, a decrease of $24 million or 4.1 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through December 31, 2004)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.