The Office of the Comptroller released its detail of the July distribution of local income taxes. According to the electronic message, “The July distribution totals $253.2 million, an increase of 3.7% over last year’s distribution.” This distribution is comprised of the following components:
- Estimated June 2011 withholdings
- Interest and Penalty Distribution for the second half of fiscal year 2011
The June withholding distribution of $227.6 million is up 3% over last year. The electronic message also provides information on estimated withholdings attributed to June, along with percentagesdetermined from tax year 2009. According to the message:
The reconciling distribution will be made in August, when actual collections for the entire second quarter (April/May and June) are known. Before adjustments, withholding receipts are expected to be $832.0 million, an increase of 4.0% over last June’s projected withholding. After the adjustments, receipts available for distribution grew 3.0% to $227.6 million.
The interest and penalty distribution for the second half of fiscal year 2011 of $25.6 reflects on increase over last year of 9.7%. The Comptroller also provided information on the full fiscal year distribution.
The growth of this distribution varies more than most across counties as it depends on the number and amounts of late-filed returns and payments. As is often the case with minor distributions, a small number of returns can have a large impact.
If you have any questions about the July 30 distribution, please contact Judith Oberist of the Revenue Administration Division at (410)260-7606.