The
Treasurer noted that collections of the Big Three taxes -- the
Gross Income, Sales and Corporate Income – all performed
above projections during December, but not enough to offset previous
monthly
shortfalls that brought year-to-date collections about 2 percent,
or $180 million, below estimates in November.
“December’s revenues were better than expected, but year-to-date
revenues are still $147 million short of our targets,” Treasurer
McCormac said.
Income Tax collections for December, aided by strong performance of
estimated tax payments, totaled $873.6 million, which is $60 million
(7.5 percent) above projections for the month.
Following
what is being reported to be a strong holiday shopping season,
Sales Tax collections for December totaled $695.6 million,
which is
$1.6 million (.2 percent) ahead of targets. The Sales Tax collections
picture will become clearer after Treasury receives a full accounting
of December’s receipts Collections for the Corporation Business
Tax totaled $378.5 million, which is $7.5 million (2 percent) above
the December target. Year to date collections for the CBT, however,
are still $52.9 million (5.5 percent) under projections.
