|FOR IMMEDIATE RELEASE||
CONTACTS: Kathy Hennessy
|December 17, 2004||
November Revenue Collections in Line with Projections
_ State Treasurer John E. McCormac announced today that November 2004
revenue collections totaled $1.95 billion, which is $499,000 above
estimates for the month. Collections for the first five months of FY2005
now total $9.6 billion, 1.9 percent below projections for the period.
November Gross Income Tax (GIT) collections totaled $664.9 million, which is $1.9 million above budget estimates. Those gains help offset lower monthly performance of the Sales Tax and Corporation Business Tax. Sales Tax collections totaled $496 million, which is $16.5 million below the monthly estimate. Corporation Business Tax (CBT) collections for the month were $30.9 million, which is $14 million below the November target. There were also increases in the month’s collection of casino taxes, taxes paid by corporate banks and financial institutions, realty transfer fees and taxes on insurance premiums.
“The CBT tax is lagging against projections but final estimated tax payments from business taxpayers are due in December,” McCormac said. “We will be watching it closely for an indication of what we could expect in April 2005,” McCormac said.
In addition, McCormac said that revenues in the next 45 days will be critical in determining the overall revenue picture for FY2005.
“ The holiday season Sales tax receipts will be in right after January 20 and the final Gross Income Tax estimated payment will be in right after January 15,” McCormac said. “January is the most important and indicative month of the year outside April.”