For the month-ended July 31, gross tax revenue deposits totaled $1.8 billion — an increase of $53.5 million, or 3.1 percent, compared to July of the previous fiscal year.
The following changes within the various tax categories led to the overall net revenue increase in July:
Individual Income Tax: Individual Income Tax collections for July totaled $698 million — up from $656.5 million in July 2011 — for an increase of $41.5 million, or 6.3 percent.
The following notable components within Individual Income Tax account for the increase:
•Individual Withholding payments were up $43 million, or 6.5 percent
•Individual Income Tax refunds issued (net of voided checks) were up $8.25 million, or 22.8 percent
•All other Individual categories, including Assessment payments, were up a combined $6.75 million Sales and Use Tax: Net Sales and Use Tax collections for July totaled slightly less than $460.5 million — up from $446.5 million in July 2011 — for an increase of $13.85 million, or 3.1 percent. The monthly Sales Tax distribution to local governments totaled $396 million, which was an increase of $5.3 million, or 1.4 percent, compared to last year.
Corporate Income Tax: Corporate Income Tax collections for July increased $42 million, or 174.2 percent, over the previous fiscal year when refunds issued during the month outstripped tax revenues for a negative net collections total of $(24.0) million in July 2011.
The following notable components within Corporate Income Tax make up the increase:
•Corporate Tax refunds issued (net of voided checks) were down $(36.0) million, or -73.4 percent
•Corporate Estimated payments were up $8.75 million, or 68.2 percent
•All other Corporate Tax categories combined for a decrease of $(2.75) million in July