The following changes within the various tax categories led to the overall net revenue increases in October:
Individual Income Tax: Individual Income Tax collections for October totaled $757 million — up from nearly $700 million in October 2011—for an increase of $57.25 million, or 8.2 percent.
The following notable components within Individual Income Tax account for the increase:
- Individual Withholding payments were up $53.25 million, or 7.6 percent
- Individual Estimated payments were up $1.25 million, or 10.6 percent
- Individual Income Tax refunds (net of voided checks) were up $4.25 million, or 4.4 percent
- All other Individual Income Tax categories combined for an increase of $7 million
Corporate Income Tax: Corporate Income Tax collections for October increased $5.75 million, or 58.7 percent, from $9.75 million in October 2011 to $4 million this year (refunds outstripped revenues).
- The following notable components within Corporate Income Tax make up the increase:
- Corporate Tax Return payments were up $3.75 million, or 56.1 percent
- Corporate Tax refunds (net of voided checks) were down $3.25 million, or -8.6 percent
- All other Corporate Tax categories (including S-Corp) combined for a decrease of $1.25 million