- Projected 2012 withholding receipts; and
- Second half fiscal year 2012 interest and penalty distribution.
From the electronic message:
Withholding attributable to June is expected to be $832.0 million, equivalent to the withholding amount we had projected last June. After accounting for the lower unallocated and refund reserve percentages as well as the local tax percentage, the June withholding distribution increases 4.2% to $237.1 million. The reconciling distribution will be made in August, when actual collections for the entire second quarter (April/May and June) are known.
The interest and penalty distribution to the counties is $30.9 million, an increase of 20.7%. The distribution is very uneven across counties; it generally depends on the number and amounts of late-filed returns and payments. In addition to late payments for recent activity, collections related to older accounts that are subject to the joint Comptroller/ MVA compliance program have provided additional funds. As is often the case with these smaller components of the distributions, a small number of returns can have a large impact.
If you have any questions about the July distribution, please contact Bill Blum of the Revenue Administration Division at (410)260-7501.