Gross tax revenue deposits totaled $3.56 billion — an increase of $43 million, or 1.2 percent, compared to August of the previous fiscal year. Finally, year-to-date net collections totaled $2.64 billion — an increase of $115.5 million, or 4.6 percent.
The following changes within the various tax categories led to the overall net revenue increase in August:
Individual Income Tax: Individual Income Tax collections for August totaled $709 million — up from $707.5 million in August 2011 — for an increase of $1.5 million, or 0.2 percent.
The following notable components within Individual Income Tax account for the increase:
·Individual Withholding payments were up $18 million, or 2.5 percent
·Individual Income Tax refunds issued (net of voided checks) were up $4.5 million, or 9.5 percent
·All other Individual Tax categories, including estimated payments, were down a combined $12 million
Sales and Use Tax: Net Sales and Use Tax collections for August totaled slightly less than $447 million — up from $433.5 million in August 2011 — for an increase of $13.5 million, or 3.1 percent. The monthly distribution of Sales Tax to local governments totaled $385.5 million, which was a decrease of $15.7 million, or -3.9 percent, compared to last year.
Corporate Income Tax: Corporate Income Tax collections for August increased $24 million, or 201 percent, over the previous fiscal year when refunds issued during the month outstripped tax revenues for a negative net collections total of nearly $12 million in August 2011.
The following notable components within Corporate Income Tax make up the increase:
·Corporate Tax refunds issued (net of voided checks) were down $22 million, or -59.7 percent
·Corporate Tax Return and Estimated payments were down a combined $7 million
·All other Corporate Tax categories, including Net Worth, Assessments and S-Corp tax, combined for an increase of $9 million in August 2012