August 23, 2019
July Collections Exceed Estimates. As shown in the figure below, preliminary July revenue collections were $411 million above the administration’s estimates. As has been the case throughout 2019, personal income tax (PIT) withholding continues to be strong, growing 5.5 percent compared to the same period last year. Similarly, corporation tax collections also continued to be strong, with estimated payments over 33 percent above the administration’s projection. The next important collection month is September, when some corporations’ final 2019 estimated payments are due and the third of four estimated payments for PIT filers are due.