November Revenue Collections Total $1.418 Billion
(Boston, MA) - Revenue Commissioner Amy Pitter today announced that preliminary revenue collections for November totaled $1.418 billion, $55 million or 4 percent more than the state took in last November. Income collections, which included a one-time settlement, offset weaker sales and corporate/business tax collections to end the month $21 million above the monthly benchmark based on the FY13 revenue estimate of $22.011 billion.
Tax collections for the first five months of the fiscal year total $7.901 billion, up $23 million or 0.3 percent than a year ago and are $235 million below the year-to-date benchmark.
“Even though November is another small net tax collection month, withholding revenues came in better than expected possibly because there were some time shifting in payments. November collections also reflect lower than anticipated income and corporate and business refunds as well as a one-time settlement payment in excess of $10 million,” said Commissioner Pitter. “However, the slowdown in the growth of sales tax collections and relatively weak corporate and business tax collections continue to leave us with a year-to-date shortfall.”
Income tax collections in November totaled $834 million, $84 million or 11.2 percent more than a year ago and were $41 million above benchmark. Income withholding was $60 million or 8.0 percent above a year ago and was $23 million above benchmark. Income cash refunds of $32 million were $18 million or 36.4 percent lower than a year ago and $19 million below benchmark.
Sales tax collections for November totaled $412 million, up $9 million or 2.2 percent from the same period a year ago and $15 million below benchmark.
Corporate/business tax collections of $8 million were $50 million lower than a year ago and were $12 million below benchmark.