March 2002
Revenues total $1.29 Billion
Revenue Commissioner Alan LeBovidge today announced revenue collections for March 2002 totaled $1.29 billion, a decrease of $156 million or 10.7 percent less than last March. Year-to-date revenue collections totaled $10.7 billion, down $1.2 billion or 9.8 percent below last year.
Collections for fiscal year 2002 are $10 million below the newly adjusted midpoint of the benchmark estimate range, $14.760 billion.
"While collections are down across the board, they dropped at a slower rate in March," LeBovidge said. "That's an encouraging sign for people watching the economy."
Income tax collections for March totaled $423 million, a decrease of $57 million or 12.0 percent. Withholding tax collections totaled $569 million, a decrease of $85 million or 13.0 percent. Sales and use tax collections were $286 million, down $19 million or 6.3 percent. Corporate receipts for March were $272 million, down $83 million, or 23.3 percent.
Year-to-date income tax collections total $5.99 billion, a decrease of $778 million or 11.5 percent. Income withholding collections total $5.56 billion, a decrease of $494 million or 8.2 percent. Total sales and use tax collections are $2.76 billion, a decrease of $42 million or 1.5 percent. Corporate collections total $413 million, a decrease of $317 million or 43.4 percent.
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February
2002 Revenues total $800 Million
Revenue Commissioner Alan LeBovidge today announced that revenue collections for the month of February totaled $800 million, down $112 million or 12.3 percent from February 2001, bringing year-to-date revenue collections to $9.4 billion, down $1 billion or 9.7 percent from last year.
"February is typically our lightest tax collection month," LeBovidge said. "This year's collections, affected by employment declines and smaller year-end bonuses for workers, are particularly light. Revenues are down across the board."
Income tax collections for February totaled $434 million, a decrease of $90 million or 17.2 percent. Withholding tax collections totaled $635 million, down $94 million or 12.9 percent. Sales and use tax collections totaled $234 million, down $32.5 million or 12.2 percent. Corporate tax collections were negative $2.5 million, a decrease of $4.5 million or 224 percent.
Year-to-date income tax collections totaled $5.56 billion, down $723 million or 11.5 percent. Income withholding collections this fiscal year totaled $5 billion, a decrease of $409 million or 7.6 percent. Year-to-date collections of total sales and use tax collections were $2.5 billion, down $24 million or 1 percent. Corporate collections for the year totaled $140 million, down $235 million or 63 percent.
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January 2002
Revenues total $1.58 Billion
The Massachusetts Department of Revenue today announced that revenue collections for the month of January totaled $1.58 billion, down $356 million or 18.4 percent from January 2001. Year-to-date revenue collections are $8.585 billion, down $899 million or 9.5 percent when compared to last year at this time. Tax collections for FY2002 are $185 million below the midpoint of the benchmark estimate range.
"Revenues were expected to decline in January, but were down more than expected," said Senior Deputy Commissioner Sheila LeBlanc. "One bright spot in the report is the stronger sales tax number, which reflects higher spending in December on such things as motor vehicles and meals."
Income tax collections for January totaled $1.079 billion, a decrease of $343 million or 24.1 percent. Withholding tax collections were $669 million, down $94 million or 12.3 percent. Sales and use tax collections totaled $393 million, an increase of $9.5 million or 2.5 percent. Corporate collections were negative $18.570 million, down $23 million or 488.7 percent, due to higher-than-projected refunds.
Year-to-date income tax collections total $5.127 billion, down $633 million or 11.0 percent. Income withholding collections are $4.357 billion, a decrease of $315 million or 6.7 percent. Sales and use tax collections are $2.239 billion, an increase of $8 million or 0.4 percent. Corporate collections total $142 million, down $231 million or 61.9 percent.
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December
2001 Revenues total $1.328 Billion
Revenue Commissioner Alan LeBovidge today announced that revenue collections for the month of December totaled $1.328 billion, down $96 million or 6.7 percent from December 2000, resulting in year-to-date revenue collections of $7.004 billion down $543 million or 7.2 percent. Collections for FY2002 are now $189 million below the midpoint of the year-to-date benchmark estimate range.
"December is a key indicator month for corporate and business revenues as estimated payments are due," said LeBovidge. "As they have been throughout FY2002, corporate and business collections in December were very weak reflecting the substantial drop in corporate profits we have seen over the last year."
Income tax collections for December totaled $733 million, a decrease of $15 million or 2.1 percent. Withholding tax collections totaled $688 million, down $9 million or 1.3 percent. Sales and use tax collections were $266 million, a decrease of $23 million or 8 percent (Retailers pay sales taxes that they collect in December in January 2002.) Corporate tax collections were $136 million, a decrease of $38 million or 22 percent.
Year-to-date income tax collections totaled $4.045 billion, down $293 million or 6.8 percent. Withholding tax collections were $3.686 billion, a decrease of $223 million or 5.7 percent. Sales and use tax collections were $1.845 billion, down $1.6 million or 0.1 percent. Corporate tax collection totaled $159 million, a decrease of $210 million or 56.9 percent.
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November
2001 Revenues total $1.04 Billion
Acting Revenue Commissioner Bernard F. Crowley, Jr. today announced that revenue collections for the month of November totaled $1.04 billion, down $45 million or 4.1 percent from November 2000. Year-to- date revenue collections are $5.675 billion, down $448 million or 7.3 percent. FY02 year-to-date tax collections are now $99 million below the midpoint of the year-to-date benchmark range corresponding to the FY02 tax revenue estimate of $15.594 billion.
"State revenues continue to decline in a slowing economy," Crowley said. "Corporate revenues have evaporated -- off nearly 90 percent from last year -- but consumer spending in November contributed to strong sales tax collections."
Income tax collections for November totaled $639 million, down $48 million or 6.9 percent. Withholding tax collections were $656 million, a decrease of $59 million or 8.2 percent. Sales and use tax collections totaled $299 million, up $25 million or 9.1 percent. Corporate tax collections totaled negative $19 million, down $16 million.
Year-to-date income tax collections totaled $3.31 billion, down $279 million or 7.8 percent. Withholding tax collections were $2.997 billion, a decrease of $214 million or 6.7 percent. Sales and use tax collections totaled $1.578 billion, an increase of $21 million or 1.4 percent. Corporate collections for the fiscal year totaled $23.5 million, down $171 million or 87.9 percent.
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October 2001
Revenues total $965.5 Million
Acting Revenue Commissioner Bernard F. Crowley, Jr. today announced that revenue collections for the month of October totaled $965.5 million, down $120 million or 11 percent from October 2000. Year-to-date revenue collections stand at $4.63 billion, down $407 million or 8.1 percent.
"Like most of the country, we have seen a downturn in our state's economy," said Crowley. "The drop in revenues in October can be attributed primarily to corporate and business tax refunds and lower estimated payments due to falling profits."
Income tax collections for October totaled $638 million, down $4 million or 0.7 percent. Withholding tax collections were $598 million, an increase of $12 million or 2 percent. Sales and use tax collections totaled $345 million, up $10 million or 3.1 percent. Corporate tax collections totaled negative $106 million, down $70 million or 196.7 percent due to increased corporate and business tax refunds and lower estimated payments.
Year-to-date income tax collections totaled $2.67 billion, down $233 million or 8 percent. Income withholding collections totaled $2.34 billion, a decrease of $157 million or 6.3 percent. Sales and use tax collections are $1.28 billion, down $6 million or 0.5 percent. Corporate collections for the fiscal year total $50 million, a decrease of $148 million or 74.8 percent.
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September 2001 Revenues
total $1.52 Billion
Acting Revenue Commissioner Bernard F. Crowley Jr. today announced that revenue collections for the month of September totaled $1.52 billion, down $223 million or 12.8 percent from September 2000, bringing year-to-date revenue collections to $3.66 billion, down $293 million or 7.4 percent from last year.
"We had been pointing to September as an important month for tax collections," Crowley said. "Even before the tragic events of September 11, collections were not strong. We anticipated a slowdown after the terrorist attacks, but collections have not picked up yet. Revenues are down across the board.''
Income tax collections for September totaled $848 million, a decrease of $138 million or 14 percent. Withholding tax collections totaled $577 million, down $78 million or 11.9 percent. Sales and use tax collections totaled $269 million, down $38 million or 12.5 percent. Corporate tax collections were $140 million, a decrease of $72 million or 34 percent.
Year-to-date income tax collections totaled $2 billion, down $232 million or 10.3 percent. Income withholding collections this fiscal year totaled $1.74 billion, a decrease of $171 million or 9 percent. Year-to-date collections of total sales and use tax collections were $928 million, down $19 million or 2 percent. Corporate collections for the year totaled $157 million, down $77 million or 33 percent.
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August 2001
Revenue totals $1.11 Billion
Acting Revenue Commissioner Bernard F. Crowley Jr. today announced that revenue collections for the
month of August totaled $1.11 billion, down $35 million or 3.1 percent from August 2000, bringing
year-to-date revenue collections to $2.14 billion, down $73 million or 3.3 percent from last year.
"Caution is the word," Crowley said. "For the second month in a row we've seen revenues dip below
collections for same time period last year. September will be a particularly important month for tax
collections because income and business tax quarterly payments are due."
Income tax collections for August totaled $627 million, a decrease of $67 million or 9.7 percent.
Withholding tax collections totaled $623 million, down $57 million or 8.4 percent. Sales and use tax
collections totaled $328 million, up $25 million or 8.1 percent. Corporate tax collections were $1 million,
a decrease of $5 million or 76.8 percent. Year-to-date income tax collections totaled $1.18 billion,
down $95 million or 7.5 percent. Income withholding collections totaled $1.16 billion, a decrease of $94
million or 7.5 percent. Total sales and use tax collections were $656 million, up $16 million or 2.4
percent. Corporate collections totaled $17 million, down $5 million or 21.2 percent.
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July 2001
Revenue totals $1.024 Billion
Acting Revenue Commissioner Bernard F. Crowley, Jr. today announced that preliminary collections for
July 2001 totaled $1.024 billion, down $40 million or 3.8 percent from tax receipts in July 2000.
"The revenue numbers for the first month of fiscal year 2002 suggest that the economy is slowing down,"
Crowley said. "We will continue to monitor revenues closely in the new fiscal year, but urge caution in
formulating a fiscal year 2002 tax revenue estimate."
Income tax collections for July and year-to-date totaled $551 million, a decrease of $28.7 million or 4.9
percent. Withholding tax collections were $538 million, down $37.2 million or 6.5 percent. Sales and
use tax collections totaled $324 million, a decrease of $12.1 million or 3.6 percent.
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June 2001 Revenue totals $1.861 Billion;
up $71 Million from last June
Fiscal Year 2001 preliminary revenues
total $16.757 Billion
Acting Revenue Commissioner Bernard F. Crowley, Jr. today announced that preliminary revenues for
FY2001 were $16.757 billion, up $1.069 billion or 6.8 percent from FY2000. Preliminary year-end
revenues surpassed the benchmark by $525 million or 3.2 percent.
"Fiscal Year 2001 revenue collections were strong and exceeded estimates," said Crowley. "Currently,
economic indicators are pointing to a downturn in the Commonwealth's economy, as a result we will be
monitoring collections very closely to watch for signs of trouble."
The Department of Revenue provides preliminary revenues for FY2001 as part of the process of closing
the state's books for the year. The closing process uses Generally Accepted Accounting Principles. Final
revenue numbers will be available in the fall.
Preliminary figures for FY2001 show that income tax collections were $9.90 billion, an increase of $861
million or 9.5 percent. Withholding tax revenue totaled $7.92 billion, an increase of $466 million, or an
increase of 6.3 percent. Sales and use tax revenue totaled $3.76 billion, an increase of $190 million or
5.3 percent. Corporate tax collections were $945 million, down $185.4 million or 16.4 percent.
Revenue for the month of June 2001 totaled $1.861 billion, an increase of $71 million or 4.0 percent.
Income tax collections were $967.1 million, up $47 million or 5.1 percent. Withholding collections were
$665 million, an increase of $49 million or 7.9 percent. Sales and use tax collections were $366 million,
up $35 million or 10.5 percent. Corporate revenues totaled $194 million, down $40 million or 17.3
percent.
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May 2001 totaled $1.48 billion:
Year-to-date revenue collections $14.9 Billion;
up $991 Million or 7.1 percent above last year
Revenue Commissioner Frederick A. Laskey today announced that revenue collections for May 2001 totaled $1.48 billion, a decrease of $154 million or 9.4 percent less than last May. Year-to-date revenue collections totaled $14.9 billion, up $991 million or 7.1 percent above last year.
Collections for fiscal year 2001 are $394 million above the midpoint of the benchmark estimate range. That figure reflects a drop of $89 million during May.
"Sales, withholding and corporate taxes were off in May compared to a very strong collections a year ago," said
Laskey.
Income tax collections for May totaled $1.03 billion, a decrease of $86 million or 7.7 percent. Withholding tax collections totaled $623 million, a decrease of $32 million or 4.9 percent. Payments with income tax returns totaled $565 million, an increase of $6 million, or 1.1 percent. Income tax payments totaled $75 million, a decrease of $25 million or 25 percent. Sales and Use tax collections were $308 million, down $34 million or 9.9 percent. Corporate receipts for May decreased $37 million, or 124.1 percent.
Year-to-date income tax collections total $8.9 billion, an increase of $814 million or 10.0 percent. Income withholding collections total $7.26 billion, an increase of $419 million or 6.1 percent. Total sales and use tax collections are $3.39 billion, an increase of $155 million or 4.8 percent. Corporate collections total $752 million, a decrease of $144 million or 16.0 percent.
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April 2001 Revenue Totals $1.55 Billion
Revenue Commissioner Frederick A. Laskey today announced
that revenue collections for April 2001 totaled $1.55 billion, an increase of $278 million or 21.8 percent over last April.
Year-to-date revenue collections totaled $13.42 billion, up $1.14 billion or 9.3 percent above last year. Collections for
FY2001 are $480 million above the midpoint of the benchmark estimate range.
"The dramatic increase in income tax collections for April
income tax is almost entirely due to a improved efficiency in processing and depositing tax return payments in the bank,"
said Laskey. "Withholding, sales and corporate tax collections were below the benchmark estimate in April and
caution should be used in interpreting the Commonwealth's complete revenue
picture."
Income tax collections for April totaled $1.13 billion, an
increase of $252 million or 28.5 percent. Withholding tax collections $576 million, an increase of $8.7 million or 1.5
percent. Payments with income tax returns totaled $581 million, an increase of $245 million, or 72.7 percent. This sharp
increase over last year is due to a faster rate of processing returns. Last April also had one less processing day
and some payments were delayed. Sales and Use tax collections were $277 million, up $7.3 million or
2.7 percent. Corporate revenue totaled $29 million, a decrease of $29 million or 49.8 percent.
Year-to-date income tax collections totaled $8 billion, an
increase of $896 million or 12.8 percent. Income withholding collections total $6.63 billion, an increase of $450 million or
7.3 percent. Total sales and use tax collections are $3.08 billion, an increase of $187 million or 6.5 percent. Corporate
collections are $760 million, a decrease of $106 million or 12.3 percent.
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March 2001 Revenues Total $1.45 Billion
Revenue Commissioner Frederick A. Laskey today announced that revenue collections for
the month of March totaled $1.45 billion, up $52 million or 3.7 percent from March 2000.
Year-to-date revenue collections are $11.862 billion, an increase of $860 million or 7.8
percent from last year. Collections for FY2001 are $319 million above the midpoint of
the benchmark estimate range.
"Historically March is one of the largest tax collection months of the year. Last month
tax collections continued to grow at a moderate and healthy rate, said Laskey. "As we
head into the final stretch of the filing season we expect to see more payments coming
in next month."
Income tax collections for March totaled $480 million, an increase of $9 million or 2
percent. Withholding tax collections totaled $654 million, a decrease of $16 million or
2.4 percent. As expected, withholding tax collections were lowered by the reduction in
the income tax rate to 5.6 percent under the Question 4 ballot initiative, which took
effect January 1, 2001. Sales and use tax collections were $304 million, an increase of
$34 million or 12.5 percent. Corporate revenues were $355 million, down $22
million or 6 percent.
Year-to-date income tax collections totaled $6.765 billion, an increase of $645 million
or 10.5 percent. Income withholding collections totaled $6.05 billion, an increase of
$440 million or 7.8 percent. Total sales and use tax collections are $2.8 billion, an
increase of $178 million or 6.8 percent. Corporate collections are $730 million, a
decrease of $78 million or 9.7 percent.
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February
2001 Revenues Total $911 Million
Revenue Commissioner Frederick A. Laskey today announced that revenue collections for the month of February totaled $911 million, up $40 million or 4.5 percent from February 2000. Year-to-date revenue collections are $10.407 billion, an increase of $805 million or 8.4 percent from last year. Collections for FY2001 are $283 million above the midpoint of the benchmark estimate range.
"While February is not considered a significant month for revenue collections, we are heading into an important period," said Laskey. "We are now in the height of the filing season and the coming months are crucial in terms of corporate tax collections and estimated payments."
Income tax collections for February totaled $525 million, an increase of $44 million or 9.2 percent. Withholding tax collections totaled $730 million, an increase of $34 million or 4.8 percent. Sales and use tax collections were $264 million, a decrease of $1 million or 0.3 percent. Historically, February is the smallest sales tax month of the year and this February had one less collections day than last year.
Year-to-date income tax collections total $6.3 billion, an increase of $636 million or 11.2 percent. Income withholding collections are $5.402 billion, an increase of $458 million or 9.3 percent. Total sales and use tax collections are $2.494 billion, an increase of $142 million or 6 percent. Corporate collections total $373 million, a decrease of $58 million or 13.5 percent.
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January 2001
Revenues Total $1.94 Billion
Revenue Commissioner Frederick A. Laskey today announced that revenue collections for the month of January totaled $1.94 billion, up $254 million or 15.1 percent from January 2000. Year-to-date revenue collections now stand at $9.495 billion, an increase of $764 million or 8.8 percent from last year. Collections for FY2001 are $266 million above the midpoint of the recently revised benchmark estimate range. As part of the FY2002 budget proposal released last month the FY2001 tax revenue estimate was raised by $158 million, to $16.232 billion.
"Just as we did not panic when revenues were less than robust in November and December, we see no reason to celebrate now based on these numbers," said Laskey. "One month does not make a trend. We will continue to watch revenues closely for indications of where the Massachusetts economy is headed."
Income tax collections for January totaled $1.414 billion, an increase of $187 million or 15.2 percent. Withholding tax collections totaled $763 million, up $80 million or 11.7 percent. Sales and use tax collections were $390 million, up $52 million or 15.4 percent. Some of the increase in sales tax receipts can be explained by substantial sales tax payments received in the first week of January that were due in December.
Year-to-date income tax collections total $5.753 billion, an increase of $584 million or 11.3 percent. Income withholding collections are $4.672 billion, up $424 million or 10 percent. Total sales and use tax collections are $2.236 billion, up $148 million or 7.1 percent. Corporate collections total $375 million, down $40 million or 9.6 percent.
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December 2000 Revenues Total $1.42 Billion
Revenue Commissioner Fredrick A. Laskey today announced that revenue collections for the month of December totaled $1.42 billion, down $23 million or 1.6 percent from December 1999, bringing year-to-date revenue collections to $7.554 billion, up $508 million or 7.2 percent from last year. Collections for FY2001 are $158 million above the midpoint of the benchmark estimate range.
"As we have seen in recent months, state revenues have been moderating after a period of unprecedented growth," said Laskey. "The December numbers might be an indication of what some experts are saying will be a slowdown in the robust economy. We will continue to watch revenues closely in the early months of 2001."
Income tax collections for December, which had three fewer processing days than December 1999, totaled $748 million, a decrease of $32 million or 4.1 percent. Withholding tax collections totaled $697 million, down $22 million or 3 percent. Sales and use tax collections totaled $286 million, down $4 million or 1.4 percent (December sales taxes collected by retailers are paid in January).
Corporate tax collections were $174 million, a decrease of $9 million or 4.7 percent. Year-to-date income tax collections totaled $4.338 billion, up $397 million or 10.1 percent. Income withholding collections totaled $3.909 billion, an increase of $344 million or 9.7 percent. Total sales and use tax collections were $1.844 billion, up $94 million or 5.4 percent. Corporate collections totaled $368 million, down $43 million or 10.5 percent.
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November 2000 Revenues
total $1.085 Billion
Revenue Commissioner Fredrick A. Laskey today announced that revenue collections for the month of
November totaled $1.085 billion, up $38 million or 3.7 percent from November 1999, bringing
year-to-date revenue collections to $6.129 billion, up $527 million, or 9.4 percent from last year.
Collections for FY2001 are $237 million above the midpoint of the benchmark estimate range.
"Revenue collections remain above year-to-date projections," said Laskey. "Income withholding collections
continue to come in at a steady and strong pace."
Income tax collections for November totaled $686 million, an increase of $82 million or 13.5 percent over
November 1999. Withholding tax collections totaled $714 million, an increase of $84 million or 13.3
percent. Sales and use tax collections totaled $274 million, down $19 million or 6.5 percent. Corporate tax
collections were $3 million, a decrease of $28 million or 111.7 percent.
Year-to-date income tax collections totaled $3.590 billion, up $428 million or 13.6 percent. Income
withholding collections totaled $3.211 billion, an increase of $366 million or 12.9 percent. Total sales and
use tax collections were $1.557 billion, up $98 million or 6.7 percent. Corporate collections totaled $195
million, down $34 million or 14.7 percent.
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March 2000 Revenues Total $1.40
Billion
Revenue Commissioner Frederick A. Laskey
today announced that revenue collections for March 2000 totaled $1.40 billion, up $172.7
million or 14.1 percent from las March. Year-to-date revenue collections totaled $11
billion, up $749.4 million or 7.3 percent above last year. Collections for FY2000 are $160
million above the midpoint of the revenue estimate range, which is based on the
Administration & Finance annual estimate of $15.288 billion.
"As we move into the end of tax
filing season, revenue collections remain solid with income tax collections leading the
way," said Commissioner Laskey.
Income tax collections for March totaled
$469.2 million, an increase of $132.7 million or 39.4 percent when compared to March 1999.
Withholding tax collections totaled $669.2 million, up $92.1 million or 16.0 percent.
Sales and use tax collections totaled $268.8 million, up $3.3 million or 1.2 percent.
Corporate excise collections totaled $374.8 million, up $41.7 million or 12.5 percent
compared to last March.
Year-to-date income tax collections
totaled $6.12 billion, up $509.0 million or 9.1 percent. Withholding collections totaled
$5.61 billion, up $492.4 million or 9.6 percent Total sales and use tax collections
totaled $2.62 billion, up $200 million or 8.3 percent Corporate collections totaled
$806.0 million, up $55.8 million or 7.4 percent.
So far this tax season, DOR has received
1.6 million returns and has issued 1.3 million tax refunds totaling $513 million with an
average refund amount of $373. DOR ha processed 662,000 electronically filed tax
returns, up 18 percent compared to last year and has directly deposited 166,000 refunds
into taxpayers' bank accounts, up 25 percent from last year.
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FEBRUARY 2000 REVENUES TOTAL
$865.3 MILLION
Revenue Commissioner Frederick A. Laskey
today announced that revenue collections for February 2000 totaled $865.3 million, up
$113.5 million or 15.1 percent from last February. Year-to-date revenue collection
totaled $9.59 billion, up $563.0 million or 6.2 percent above last year. Collections for
FY2000 are $10 million above the midpoint of the revenue estimate range, which is
based on the Administration & Finance annual estimate of $15,288 billion.
"Revenue collections continue to remain strong.
Income, withholding and sales tax collections all show solid growth from last year,"
said Laskey.
Income tax collections for February, which included an
extra deposit day, totaled $481.0 million, an increase of $83.8 million or 21.1 percent
when compared to February 1999. Withholding tax collections totaled
$696.8 million, up $102.7 million or 17.3 percent. Sales and use tax collections
totaled $263.3 million, up $33.6 million or 14.6 percent. Corporate collections totaled
$16.6 million, up $975,000 or 6.3 percent compared to last February.
Year-to-date income tax collections totaled $5.65
billion, up $375.9 million or 7.1 percent. Withholding collections totaled $4.94 billion,
up $400.3 million or 8.8 percent. Total sales and use tax collections totaled $2.35
billion, up $195.3 million or 9.1 percent. Corporate collections totaled $431.0 million,
up $13.9 million or 3.3 percent.
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JANUARY 2000 REVENUES TOTAL
$1.69 BILLION
Revenue Commissioner Frederick A. Laskey today
announced that revenue collections for January 2000 totaled $1.69 billion, up $117.3
million or 7.5 percent from last January. Year-to-date revenue collection totaled
$8.72 billion, up $446.1 million or 5.4 percent above last year. Collections for FY2000
are $85 million above the midpoint of the revenue estimate range, which is based on the
Administration & Finance annual estimate of $15.288 billion.
"We continue to see solid growth in major revenue
categories as we move into the latter half of the fiscal year. Income, withholding and
sales tax collections all continue to remain strong," said Laskey.
Income tax collections for January totaled $1.23
billion, an increase of $113.7 million or 10.2 percent when compared to January 1999.
Withholding tax collections totaled $683.0 million, up $64.7 million or 10.5 percent.
Sales and use tax collections totaled $337.3 million, up $21.1 million or 6.7 percent.
Corporate collections totaled $481,000, down $16.6 million compared to last January, as a
result of increased corporate refunds.
Year-to-date income tax collections totaled $5.17
billion, up $294.3 million or 6.0 percent. Withholding collections totaled $4.25 billion,
up $297.5 million or 7.5 percent. Total sales and use tax collections totaled $2.09
billion, up $161.2 million or 8.4 percent. Corporate collections totaled $411.8 million,
up $10.3 million or 2.6 percent.
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DECEMBER 1999 REVENUES TOTAL
$1.44 BILLION
Revenue Commissioner Frederick A. Laskey
today announced that revenue collections for December 1999 totaled $1.44 billion, up
$170.2 million or 13.4 percent from last December.
Year-to-date revenue collections totaled
$7.04 billion, up $330.4 million or 4.9 percent above last year. Collections for FY2000
are $289 million above the midpoint of the revenue estimate range.
"December revenues, driven by solid
sales tax and income tax collections, continue to point to a strong, healthy
economy," said Laskey.
Income tax collections for December
totaled $777.1 million, an increase of $75.9 million or 10.8 percent when compared to
December 1998. Withholding tax collections totaled $716.6 million, up $65.1 million or
10.0 percent. Sales and use tax collections totaled $289.4 million, up $16.3 million or
6.0 percent. Corporate collections totaled $176.3 million, up $42.1 million compared to
last December.
Year-to-date income tax collections
totaled $3.94 billion, up $177.1 million or 4.7 percent. Withholding collections totaled
$3.56 billion, up $230.4 million or 6.9 percent. Total sales and use tax collections
totaled $1.75 billion, up $138.9 million or 8.6 percent. Corporate collections totaled
$405.6 million, up $21.2 million or 5.5 percent.
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NOVEMBER 1999 REVENUES TOTAL
$1.04 BILLION
Revenue Commissioner Frederick A. Laskey
today announced that revenue collections for the month of November totaled $1.04 billion,
up $67.2 million or 6.9 percent from last November. Year-to-date revenue collections
totaled $5.59 billion, up $159 million or 2.9 percent above last year Collections
for FY2000 are $171 million above the midpoint of the revenue estimate range.
"November revenues, driven by strong
sales tax collections, reflect a healthy economy. Overall revenue collections remain
strong as we move into the holiday season," said Laskey.
Income tax collections for November
totaled $604.1 million, an increase of $1.0 million or 0.2 percent when compared to
November 1998. Withholding tax collections totaled $630.2 million, up $24.5 million or 4.0
percent. Sales and use tax collections totaled $291.9 million, up $41.4 million or 16.5
percent. Corporate collections totaled $24.9 million, up $21.4 million compared to last
November.
Year-to-date income tax collections
totaled $3.16 billion, up $100.6 million or 3.3 percent. Withholding collections totaled
$2.85 billion, up $165.1 million or 6.2 percent. Total sales and use tax collections
totaled $1.46 billion, up $121.6 million or 9.1 percent. Corporate collections totaled
$229.2 million, down $20.9 million or 8.4 percent.
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OCTOBER 1999 REVENUES TOTAL
$1.04 BILLION
Revenue Commissioner Frederick A. Laskey
today announced that revenue collections for the month of October totaled $1.04 billion,
up $18.4 million or 1.8 percent from last October. Year-to-date revenue collections
totaled $4.55 billion, up $88.5 million or 2.0 percent above last year. Collections for
FY2000 are $135 million above the midpoint of the estimate range.
"Overall, revenue collections
continue to remain strong as we move into the second quarter of the fiscal year. Corporate
refunds outweighed collections this month due in part to quicker processing of refund
returns. In addition, October generally is a small month for corporate collections,"
said Laskey.
Income tax collections for October
totaled $648.0 million, an increase of $49.0 million or 8.2 percent when compared to
October 1998. Withholding tax collections totaled $554.6 million, up $50.9 million or 10.1
percent. Sales and use tax collections totaled $296.0 million, up $13.8 million or 4.9
percent. Corporate collections were down $49 million compared to last October. Corporate
collections reflect DOR's improved operations that resulted in refund returns being
processed sooner and refunds being issued quicker.
Year-to-date income tax collections
totaled $2.56 billion, up $98.4 million or 4.0 percent. Withholding collections totaled
$2.21 billion, up $140.3 million or 6.8 percent. Total sales and use tax collections
totaled $1.16 billion, up $76.8 million or 7.1 percent. Corporate collections totaled
$203.7 million, down $42.8 million or 17.4 percent.
The quarterly revenue benchmarks and
monthly target ranges, which are also being released, are based on the $14.850 billion
FY2000 tax estimate announced by Secretary Andrew Natsios on October 15, 1999.
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SEPTEMBER 1999 REVENUES TOTAL
$1.5 BILLION
Revenue Commissioner Frederick A. Laskey
today announced that revenue collections for the month of September totaled $1.52 billion,
up $3.3 million or 0.2 percent from last September. Year-to-date revenue collections
totaled $3.51 billion, up $67.8 million or 2.0 percent above last year. Collections for
FY2000 are $85 million above the midpoint of the estimate range.
"Overall revenue collections,
particularly income and sales taxes, continue to grow at a healthy rate, especially in
light of the large tax cuts that reduced personal income tax withholding and estimated
payments in September," said Laskey.
Income tax collections for September
totaled $785.9 million, a decrease of $2.0 million or 0.2 percent when compared to
September 1998. The small decrease is due to the phase in of several of the tax cuts.
Withholding tax collections totaled $536.6 million, up $30.3 million or 6.0 percent. Sales
and use tax collections totaled $275.4 million, up $29.5 million or 12.0 percent.
Corporate collections totaled $223.5 million, up $37.4 million, or 20.1 percent.
Year-to-date revenue collections totaled
$3.51 billion, up $67.8 million or 2.0 percent compared to last year at this time. Income
tax collections totaled $1.91 billion, up $49.1 million or 2.6 percent. Withholding
collections totaled $1.70 billion, up $89.1 million or 5.7 percent. Total sales and use
tax collections totaled $865.8 million, up $61.9 million or 7.7 percent. Corporate
collections totaled $244.4 million, up $6.0 million or 2.5 percent.
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AUGUST 1999 REVENUES TOTAL $1.05
BILLION
Revenue Commissioner Frederick A. Laskey
today announced that revenue collections for the month of August totaled $1.05 billion, up
$26.2 million or 2.6 percent from last August. Year-to-date revenue collections totaled
$1.98 billion, up $62.1 million or 3.2 percent above last year. Collections for FY2000 are
$32 million above the midpoint of the revenue estimate range.
"Overall revenue collections
continue to remain strong and slightly above the revenue estimate. Revenue from corporate
collections, however, has lagged for the past few months and is worth watching. September
collections will include quarterly payments from businesses and individuals and should
provide a better indication of corporate collection trends," said
Laskey.
Income tax collections for August totaled
$627.2 million, an increase of $22.9 million or 3.8 percent from August 1998. Withholding
tax collections totaled $609.6 million, up $26.3 million or 4.5 percent. Sales and use tax
collections totaled $286.8 million, up $12.5 million or 4.5 percent. Corporate collections
totaled $13.9 million, down $2.7 million or 16.1 percent.
Year-to-date revenue collections totaled
$1.982 billion, up $62.1 million or 3.2 percent compared to last year at this time. Income
tax collections totaled $1.12 billion, up $50.1 million or 4.7 percent. Withholding
collections totaled $1.12 billion, up $58.5 million and 5.5 percent. Total sales and use
tax collections totaled $588.9 million, up $30.8 million or 5.5 percent. Corporate
collections totaled $20.7 million, down $31.7 million or 60 percent, which can be
attributed to higher corporate refunds and adjustments to estimated payments.
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JULY 1999 REVENUES TOTAL $932.2
MILLION
Revenue Commissioner Frederick A. Laskey
today announced that revenue collections for the month of July totaled $932.2 million, up
3.6 percent from last July.
"Revenue collections in the major
tax categories including income, withholding and sales and use tax continue to remain
strong as we begin the new fiscal year," said Laskey.
Income tax collections for July totaled
$492.5 million, an increase of $26.6 million or 5.7 percent from July 1998. Withholding
tax collections totaled $513.0 million, up $31.9 million or 6.6 percent. Sales and use tax
collections totaled $300.5 million, up $16.8 million or 5.9 percent higher. Corporate
collections totaled $6.9 million, down $29.0 million or 80.8 percent.
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JUNE 1999 REVENUES TOTAL $1.547
BILLION
Fiscal Year 1999 preliminary revenue
totals record $14.28 billion, solid job growth reflected in strong economy.
Revenue Commissioner Frederick A. Laskey
announced today that preliminary revenues for FY99 were $14.28 billion, up $253.3 million
or 1.8 percent from FY98 reflecting a robust economy combined with a series of tax cuts.
"The fact that we closed fiscal year
1999 above the benchmark of $14.160 billion is significant and is evidence that the
economy in the Commonwealth continues to remain strong. The growth we experienced last
fiscal year was on top of one billion dollars in tax cuts which resulted in larger refunds
for taxpayers," said Commissioner Laskey.
DOR provides preliminary revenues for
FY99 as part of the process of closing the Commonwealth's books. The closing process uses
Generally Accepted Accounting Principles. Final revenue numbers will be available in
September.
Preliminary figures for FY99 show that
withholding tax revenue totaled $6.75 billion; an increase of $416.3 million or 6.6
percent over FY98 indicating solid wage growth. However, income tax revenue totaled $8.04
billion, up $4.63 million or only 0.1 percent mainly due to the fact that millions of
taxpayers benefitted from tax cuts that took the form of increased refunds. Sales and use
tax revenue totaled $3.27 billion, an increase of $307.3 million or 10.4 percent.
Corporate tax revenue totaled $1.01 billion, down $58.2 million, or 5.5 percent. Revenue
for the month of June totaled $1.547 billion, a decrease of $102.6 million or 6.2 percent
below June 1998. Income tax collections were $802.2 million, down $34.5 million or 4.1
percent, due to the increase in personal exemptions. Withholding tax collections totaled
$555.4 million, an increase of $12.3 million or 2.3 percent. Sales and use tax collections
totaled $294.1 million, up $5.3 million or 1.8 percent. Corporate tax collections were
$190.8 million, a decrease of $36.1 million or 15.9 percent.
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MAY 1999 REVENUES TOTAL $1.17
BILLION
Revenue Commissioner Frederick A. Laskey today announced that revenue
collections for the month of May totaled $1.17 billion, bringing year-to-date revenues to
$12.73 billion, $353.9 million higher than during the same period last year.
"As we head into the final month of the fiscal year we are
well-positioned to meet our revenue goals for fiscal year 1999. We continue to experience
the effects of a strong economy reflected in the income and sales taxes. We are also
seeing the impact of major tax cuts and higher refunds," said
Laskey.
Income tax collections for the month of May totaled $736.1 million,
down $143.4 million or 16.3 percent from May 1998. Withholding tax collections totaled
$559.1 million, up $711.0 million or 0. 1 percent. These figures reflect the recent tax
cuts signed into law last year that resulted in higher personal exemptions and bigger
refunds for taxpayers. Sales and use tax collections totaled $282.3 million, up $11.8
million or 4.4 percent. Corporate tax collections totaled $19.7 million, down $18.7
million or 48.7 percent
Year-to-date income tax collections total $7.23 billion, up $38.4
million or 0.5 percent. Withholding tax collections total $6.20 billion, up $403.4 million
or 7.0 percent. Sales and use tax collections total $2.97 billion, up $299.3 million or
11.2 percent. Corporate tax collections total $817.8 million, down $22.2 million or 2.6
percent.
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APRIL 1999 REVENUE TOTALS $1.3
BILLION
Revenue Commissioner Frederick A. Laskey
today announced that revenue for the month of April totaled $1.3 billion, bringing
year-to-date revenue to $11.55 billion, an increase of 4.3 percent. Due to tax cuts and
larger refunds in April, monthly collections were down $64.5 million or 43 percent
compared to April 1998. Revenue collections for the year are $286 million above the
midpoint of the revenue estimate range.
April was a good month for many taxpayers
as a record number of refunds were issued.
All major economic indicators such as
withholding and sales tax continue to grow and reflect a strong economy," said
Laskey.
Income tax collections for April totaled
$877.9 million, down $80.7 million due to increased refunds, or 8.4 percent lower than in
April 1998. Withholding collections totaled $506.6 million, up $39.8 million, an increase
of 8.5 percent. Sales and use tax collections totaled $268.6 million, up $26.4 million or
10.9 percent. Corporate tax collections totaled $47.0 million, down $2.3 million or 4.7
percent.
Year-to-date revenue totals $11.55
billion, up $474.0 million or 4.3 percent. Income tax collections total $6.49 billion, up
$173.1 million or 2.7 percent. Withholding tax collections total $5.63 billion, an
increase of $394.1 million or 7.5 percent. Sales and use tax collections total $2.69
billion, up $286.4 million or 11.9 percent. Corporate tax collections total $797.1
million, down $4.5 million or 0.6 percent.
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MARCH 1999 REVENUE TOTALED $1.22
BILLION
Massachusetts Department of Revenue
(DOR)
Commissioner Frederick A. Laskey today announced that March collections totaled $1.22
billion, down $112.1 million from last March due to two factors -- larger taxpayer refunds
and a decrease in corporate excise collections. Revenue collections for the year are $230
million above the midpoint of the revenue estimate range.
"The economy continues to remain
strong and consumer spending is high as indicated by healthy sales tax figures this month.
Tax cuts have resulted in larger refunds this year and more taxpayers are getting
refunds," said Laskey.
DOR has issued over 510,000 refunds this
tax season totaling $515 million, which is $183 million more than last year at this time.
March 1999 income tax collections totaled
$336 million, down $803 million or 19.2 percent from last March. Withholding tax
collections totaled $576.3 million, an increase of $38.4 million or 7.1 percent. Sales and
use tax collections totaled $263.1 million, up $39.9 million or 17.9 percent higher.
Corporate income tax collections totaled $331.5 million, down $15.9 million or 4.6
percent.
Year-to-date revenue collections total
$10.25 billion, up $536.9 million or 5.5 percent. Income tax collections total $5.61
billion, up $253.2 million or 4.7 percent. Withholding tax collections total $5.12
billion, up $353.5 million or 7.4 percent. Sales and use tax collections total $2.42
billion, an increase of $257.7 million or 11.9 percent. Corporate tax collections total
$748.6 million, down slightly from last year to $3.7 million or .5 percent.
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FEBRUARY 1999 REVENUE TOTALED
$748.3 MILLION
Massachusetts Department of Revenue
(DOR)
Commissioner Frederick A. Laskey today announced that February collections totaled $748.3
million, slightly down from last February due to larger taxpayer refunds this year.
Year-to-date revenue collection increased $47 million against the revenue estimate
benchmark, which was adjusted last month to reflect the expected impact of the tax cuts.
The result is that revenue collections for the year are $274 million above the midpoint of
the revenue estimate range.
"Overall, the economy remains strong
as we begin to see the expected revenue impact of the tax cuts. In addition, due to the
increased personal tax exemptions, we are also seeing larger taxpayer refunds. We are
working hard at getting these larger refunds out-the-door and in to the hands of
taxpayers," said Laskey.
DOR has issued over 575,000 refunds this
tax season totaling $258 million, which is $90 million more than last year at this time.
February 1999 income tax collections
totaled $396.1 million, down $56.4 million or 12.5 percent from last February. Withholding
tax collections totaled $593.2 million, an increase of $16.4 million or 2.8 percent. Sales
and use tax collections totaled $229.1 million, $1.80 million or .8 percent higher.
Corporate income tax collections totaled $15.6 million, down $13.8 million or 46.9
percent.
Year-to-date revenue collections total
$9.02 billion, up $645.6 million or 7.7 percent. Income tax collections total $5.27
billion, up $332.2 billion or 6.7 percent. Withholding tax collections total $4.54
billion, up $314.2 million or 7.4 percent. Sales and use tax collections total $2.16
billion, an increase of $217.2 million or 11.2 percent. Corporate tax collections total
$417.2 million, up $12.2 million or 3.0 percent.
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JANUARY 1999 REVENUES TOTAL
$1.57 BILLION
Acting Revenue Commissioner Bernard F.
Crowley, Jr. today announced that revenues for the month of January totaled $1.57 billion,
an increase of 10.1 percent over January 1998. January collections bring year-do-date
revenues to $8.28 billion, up 9.1 percent.
"January is a significant month for
tax collections and we can see that performance is strong across the board. We are also
issuing larger refunds during this tax filing season and we are seeing adjustments being
made in withholding tax payments because of tax cuts passed last year which raised
personal exemptions," Crowley said.
Income tax collections in January totaled
$1.12 billion, up $48.9 million or 4.6 percent over January 1998. Withholding tax
collections totaled $617.9 million, an increase of $29.8 million or 5.1 percent. Corporate
tax collections totaled $17.0 million, down $12.0 million or 41.4 percent. Sales and use
tax collections totaled $315.4 million, up $118.3 million or 60.0 percent. This increase
is largely due to the change made one year ago in the frequency in which businesses report
sales and use tax. Adjusting for the change, sales and use tax growth is between 10 and 15
percent.
Year-to-date income tax collections total
$4.88 billion, up $387.8 million or 8.6 percent. Withholding tax collections total $3.95
billion, an increase of $297.3 million or 8.1 percent. Sales and use tax collections total
$1.93 billion, up $214.6 million or 12.5 percent. Corporate tax collections total $401.4
million, up $25.9 million or 6.9 percent.
The benchmark estimates for fiscal year
1999 have also been revised to reflect the $14.0 billion fiscal year 1999 forecast in
House I which was released last week.
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