The state’s net tax collections for the month of November totaled $1.35 billion, an increase of $88 million, or 7 percent, compared to November 2010. Through five months of FY12, net revenue collections totaled $6.7 billion year-to-date, an increase of $427.5 million or 6.8 percent compared to YTD November FY11.
The following changes within the various tax categories led to the overall net revenue increase in November:
• Individual income tax collections for November totaled $679 million, up from $662 million in November 2010, for an increase of $17 million or 2.6 percent.
The following notable components within Individual Income Tax account for the increase:
• Individual income tax return payments increased $3.5 million or 32.2 percent
• Individual income tax refunds issued (net of voided checks) were down $26.5 million or -44.7 percent
• Individual withholding payments were down $2 million or -0.2 percent
• Individual tax assessments were also down $11 million or -88.1 percent
Net sales and use tax collections for November totaled $451 million, up from $393 million in November 2010, for an increase of 14.8 percent. The monthly sales tax distribution to local governments totaled $346.5 million, an increase of $8.5 million.