Tax collection surge needed to hit key September benchmark
Midway through September, one of the year's biggest months for tax collections, receipts are down $36 million compared to the same period in 2013.
In a letter to lawmakers on Thursday, Revenue Commissioner Amy Pitter said collections through Sept. 15 totaled nearly $1.1 billion.
The $36.5 billion fiscal 2015 state budget signed in July was assembled based on a tax revenue estimate projection of $24.39 billion and September collections of $2.575 billion, a 6.7 percent or $161 million increase.
Quarterly income and estimated corporate tax payments were due on Sept 15 and Pitter reported that quarterly income cash estimated payments "are coming in at a slower pace" than last September while a shift of up to $60 million in withholding payments to August from September may be timing-related.
Month-to-date income tax payments are down 11.6 percent and the state's benchmark calls for such payments to be up 4.4 percent over the full month.
September's benchmark reflects an assumption that monthly collections will be reduced by nearly $26 million due to the two-day suspension of the sales tax in August.
Pitter said variances in collections to date should not be considered an indicator of final revenues for the month.
During July and August, the first two months of fiscal 2015, collections totaled $3.228 billion, $99 million or 3.2 percent more than the same period last year and $66 million above benchmark.
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