News  November 2001 Revenues Total $1.04 Billion

December 3, 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 November totaled $1.04 billion, down $45 million or 4.1 percent from November 2000. Year-to-date revenue collections are $5.675 billion, down $448 million or 7.3 percent. FY02 year-to-date tax collections are now $99 million below the midpoint of the year-to-date benchmark range corresponding to the FY02 tax revenue estimate of $15.594 billion.

"State revenues continue to decline in a slowing economy,'' Crowley said. "Corporate revenues have evaporated -- off nearly 90 percent from last year -- but consumer spending in November contributed to strong sales tax collections."

Income tax collections for November totaled $639 million, down $48 million or 6.9 percent. Withholding tax collections were $656 million, a decrease of $59 million or 8.2 percent. Sales and use tax collections totaled $299 million, up $25 million or 9.1 percent. Corporate tax collections totaled negative $19 million, down $16 million.

Year-to-date income tax collections totaled $3.31 billion, down $279 million or 7.8 percent. Withholding tax collections were $2.997 billion, a decrease of $214 million or 6.7 percent. Sales and use tax collections totaled $1.578 billion, an increase of $21 million or 1.4 percent. Corporate collections for the fiscal year totaled $23.5 million, down $171 million or 87.9 percent.

• Monthly Revenue Report (PDF) (through November 30, 2001)
  Monthly revenue, fiscal year-to-date revenue and actual tax collections.