News  August 2001 Revenues Total $1.11 Billion

September 4, 2001
Tim Connolly
(617) 626-2369

Nicole St. Peter
(617) 626-4058

Acting Revenue Commissioner Bernard F. Crowley Jr. today announced that revenue collections for the month of August totaled $1.11 billion, down $35 million or 3.1 percent from August 2000, bringing year-to-date revenue collections to $2.14 billion, down $73 million or 3.3 percent from last year.

"Caution is the word," Crowley said. "For the second month in a row we've seen revenues dip below collections for same time period last year. September will be a particularly important month for tax collections because income and business tax quarterly payments are due."

Income tax collections for August totaled $627 million, a decrease of $67 million or 9.7 percent. Withholding tax collections totaled $623 million, down $57 million or 8.4 percent. Sales and use tax collections totaled $328 million, up $25 million or 8.1 percent. Corporate tax collections were $1 million, a decrease of $5 million or 76.8 percent. Year-to-date income tax collections totaled $1.18 billion, down $95 million or 7.5 percent. Income withholding collections totaled $1.16 billion, a decrease of $94 million or 7.5 percent. Total sales and use tax collections were $656 million, up $16 million or 2.4 percent. Corporate collections totaled $17 million, down $5 million or 21.2 percent.

• Monthly Revenue Report (PDF) (through August 31, 2001)
  Monthly revenue, fiscal year-to-date revenue and actual tax collections.