Wednesday, June 3, 2009
Robert R. Bliss
blissr@dor.state.ma.us
617-626-2369

Monthly collections are $78 million above revised benchmark; Year-to-date collections $2.15 billion below last year

Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for May 2009 totaled $1.281 billion, down $211 million or 14.1 percent from last May.

Total tax collections were $78 million above the monthly benchmark revised downward on May 4 based on a revised FY09 tax estimate of $18.436 billion. This above benchmark performance was due largely to better than expected income tax collections, which totaled $812 million, down $154 million or 16.0 percent from a year ago but $79 million above the revised benchmark.

FY09 year-to-date tax collections total $16.467 billion, down $2.149 billion or 11.5 percent below the same period a year ago.

"The trend of smaller monthly collections continued in May, and collections for the year are now more than $2 billion less than a year ago. The better than benchmark monthly performance is due largely to stronger than expected withholding collections and a smaller than expected payout in refunds," Commissioner Bal said. Both trends may be more reflective of timing than any new strength in collections, she noted.

Withholding taxes totaled $724 million, equal to the collection of a year ago and $29 million above benchmark. Income tax returns and bills totaled $164 million, down $171 million or 51.1 percent from a year ago but $19 million above benchmark, while income tax refunds totaled $91 million, down $25 million or 21.9 percent, which is $32 million less than had been projected.

May 2009 sales taxes totaled $310 million, down $19 million or 5.7 percent, $10 million above the benchmark. May is not a significant month for corporate/business tax collections, which totaled $21 million, down $21 million or 49.4 percent from a year ago and $11 million below the monthly benchmark.

Year-to-date, income tax collections total $9.693 billion, down $1.553 billion or 13.8 percent from a year ago. Sales and use tax collections total $3.535 billion, down $203 million or 5.4 percent from a year ago. Corporate/business taxes total $1.680 billion, down $355 million or 17.5 percent from a year ago.

FY2009 Year-to-Date Tax Revenue through May 31, 2009 pdf format of May09_rev_collections.pdf

May 2009 Tax Collection Summary (preliminary as of June 3, 2009) pdf format of May09_tax_summary.pdf

Recommended Content

People also viewed...

You recently viewed...

Personalization is OFF. Your personal browsing history at Mass.gov is not visible because your personalization is turned off. To view your history, turn your personalization on.

Learn more on our .

*Recommendations are based on site visitor traffic patterns and are not endorsements of that content.