August Revenue Collections Total $1.543 Billion
(Boston, MA) - Revenue Commissioner Amy Pitter today announced that preliminary revenue collections for August totaled $1.543 billion, $121 million or 8.5 percent more than the state took in last August. Better than expected gains in withholding, sales and estate taxes more than offset the shortfall in corporate and business collections to end the month $64 million above the monthly benchmark based on the FY14 revenue estimate of $22.797 billion.
Tax collections through the second month of the fiscal year total $3.128 billion, $252 million or 8.8 percent more than at this time last year and $139 million above the year-to-date benchmark. A little more than half of the year-to-date surplus is due to one-time settlements that were collected in July while estate tax collections, which are difficult to forecast, have contributed $36.4 million to the year-to-date surplus.
“August, like July, is another relatively small month for revenue collections because there are no income payments due for individuals or businesses,” Commissioner Pitter said. “While income withholding payments came in stronger than expected, it’s too soon to say whether this could be a trend or simply a timing-related exception by taxpayers submitting September payments early.”
Total income payments for August were $849 million, $67 million or 8.6 percent over last August and $35 million over the monthly benchmark. Year-to-date income was $1.720 billion, $152 million or 9.7 percent over this time last year and $91 million over the yearly benchmark.
Income withholding collections totaled $809 million, $61 million or 8.2 percent more than last August and $33 million over the August benchmark. Income tax payments with returns or bills brought in $40 million in August, $8 million or 24.1 percent more than last year at this time.
Sales and use tax collections for August totaled $463 million, up $27 million or 6.2 percent from last August and $17 million above the monthly benchmark. Collections through the second month of the fiscal year totaled $951 million, $54 million or 6.1 percent over the same period last year and $24 million over the year-to-date benchmark.
Corporate and business collections for August were $34 million, $10 million or 22.6 percent less than last August and $9 million under the monthly benchmark. Year-to-date corporate and business collections totaled $103 million, $8 million or 7.0% less than the same period last year, $13 million below the year-to-date benchmark.
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