Deal: December revenues up 9.8 percent

The following sections summarize net revenue changes within major tax categories during the month:

 

Individual Income Tax: Individual Income Tax collections in December totaled $945.25 million — up from $845.75 million in December 2011 — for an increase of $99.5 million, or 11.8 percent.

 

The following notable components within Individual Income Tax account for the increase: 

•      Individual Withholding payments were up $97 million, or 13.1 percent

•      Individual Income Tax refunds (net of voided checks) were up $15.75 million, or 102.9 percent 

•      All other Income Tax categories, including Estimated payments, combined for an increase of $18.25 million

 

Sales and Use Tax: Net Sales and Use Tax collections for December totaled $440.75 million — up from $402 million in December 2011 — for an increase of $38.75 million, or 9.6 percent. Both gross sales tax collections, which improved $31 million, or 3.9 percent, compared to last year, and the distribution to local governments, totaling nearly $373 million, increased over December 2011. In addition, sales tax refunds declined by $20.25 million, which helped contribute to the year-over-year improvement in net tax collections relative to December 2011.

 

Corporate Income Tax: Corporate Income Tax collections for December increased $10.25 million, or 8.2 percent, compared to last year’s total of $125.25 million. Even though net corporate refunds were up as well, gross corporate revenue growth relative to last year far exceeded the impact of refunds during the month.

 

The following notable components within Corporate Income Tax make up the increase:

•      Corporate Tax Estimated payments were up $52.25 million, or 56.2 percent

•      Corporate Tax refunds (net of voided checks) were up $14 million, or 109.4 percent

•      All other Corporate Tax categories (including S-Corp) combined for a decrease of $28 million