NEW: State Tax Collections Come in Below Benchmark
Wednesday, April 04, 2012
That total is an increase of $28 million, or 1.6 percent from last March. While the numbers are up from a year ago, the total actually came in $29 million below the March monthly benchmark corresponding to the revised F 12 yearly revenue estimate of $21.010 billion.
The total year collection numbers follow the same pattern. This year’s collections total $14.697 billion, up $343 million, or 2.4 percent from this time last year. But, that total still comes in $87 million below the F 12 benchmark. March is the largest corporate and business excise tax collection month of the year, as returns and extensions are due for most corporations for the previous year.
“A slowdown in corporate and business tax collections is largely responsible for the March results,” Pitter said. “Withholding overall has grown, but not at the rate forecast, while income tax cash estimated payments dropped off in December and since have been flat, possibly reflecting a slow down in the collection of investment related income.”
Income tax numbers, however, were more promising. March income tax collections totaled $693 million, up $58 million, or 9.1 percent from last year. Those totals came in $19 million above the monthly benchmark.
As Pitter stated, the category that really dragged the totals down was corporate/business tax collections. Those totaled $604 million, down $32 million or 5.1 percent from a year ago. The total also came in $22 million below the projected benchmark.
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