Robert R. Bliss
June collections exceed monthly benchmark by $48 million; full year collection exceeds FY11 revised estimate by $723 million and is almost $2 billion more than a year ago
Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for June 2011 were $2.142 billion, an increase of $106 million, or 5.2% from June 2010, $48 million above the monthly benchmark. Preliminary revenues for all of FY11 were $20.507 billion, an increase of $1.963 billion or 10.6 percent from FY10 collections, $723 million above benchmark.
"The FY11 performance drew on an underlying sound economy that generated year-to-year increases in withholding, sales and corporate taxes, as well as an infusion of revenue from income tax on investment income," Bal said. "The increase of nearly $2 billion in collections reflects a Massachusetts economy that grew noticeably stronger over the past 12 months."
Income tax collections for June were $1.117 billion, up $97 million or 9.5 percent from a year ago, $72 million above benchmark. Income tax estimated payments of $399 million were up $88 million or 28.2 percent from a year ago, $97 million above benchmark. Withholding tax collections of $746 million were up $20 million or 2.8 percent above a year ago, $18 million below benchmark.
June sales and use tax collections of $423 million were down $1 million or 0.3 percent from June 2010.
June corporate and business tax collections of $436 million were up $18 million or 4.2 percent from a year ago and were $29 million below the monthly benchmark.
For FY11 as a whole, personal income tax collection totaled $11.576 billion, an increase of $1.466 billion or 14.5 percent, $650 million above benchmark, Withholding grew $574 million or 6.5 percent, $63 million above benchmark, while income tax estimated payments of $1.857 billion, (which include revenue from capital gains, dividends and interest) increased $373 million or 25.1 percent and was $166 million over benchmark. Refunds of $1.405 billion were down $101 million or 6.7 percent, and were $10 million below benchmark. Income tax payments with returns and bills of $1.693 billion grew $432 million or 34.2 percent, $420 million above benchmark, with most attributable to nonwithholding revenue growth.
FY11 sales tax receipts totaled $4.905 billion, up $293 million, or 6.4 percent, meeting benchmark. Regular sales tax totaled $3.477 billion, up $194 million, or 5.9 percent, $1 million below the full year estimate; meals tax totaled $813 million, up $54 million, or 7.1 percent, at benchmark; and motor vehicle sales tax totaled $615 million, up $45 million, or 7.9 percent, also at benchmark.
FY11 full year corporate and business tax collections totaled $2.228 billion, up $108 million, or 5.1 percent, $3 million below the full year estimate. Combined reporting has shifted the tax reporting of some utilities and financial institutions into the corporate tax type, with the result that many utilities and financial institutions now do not pay the financial institutions excise tax or the public utilities excise tax, but instead pay as corporate taxpayers. Corporate excise tax collections totaled $1.951 billion, up $351 million or 21.9 percent from last year, $123 million above the full year estimate; while insurance premiums taxes totaled $296 million, up$11 million or 3.8% from last year, $8 million below the full year estimate.