July Revenue Collections Total $1.585 Billion
Monthly collection is $132 million above a year ago and $75 million above benchmark due to one-time settlements
(Boston, MA) - Revenue Commissioner Amy Pitter today announced that preliminary revenue collections for July totaled $1.585 billion, $132 million or 9 percent more than the state took in last July. Collections for the first month of the new fiscal year were $75 million above the monthly benchmark based on the FY14 revenue estimate of $22.452 billion.
The July surplus was almost exclusively due to $70 million in one-time settlement-related tax payments in excess of $10 million which are required to be deposited in the Commonwealth’s Stabilization Fund.
“July is typically a small month for revenue collections because there are no quarterly estimated payments due for most businesses and individuals,” Commissioner Pitter said.
Income tax payments with returns or bills brought in $87 million in revenue for July, $67 million or 332.2 percent more than last year and $66 million over the monthly benchmark.
Estimated income tax payments of $24 million were $9 million or 27.0 percent less than last July and $5 million more than the July benchmark.
Income cash refunds collections totaled $18 million, $10 million or 113.7 percent more than a year ago and $10 million more than the July benchmark.
Other tax collections, which include revenues from deeds and estates, totaled $157 million, $17 million or 12.0 percent more than last July and $16 million over the July benchmark.
Corporate and business tax collections of $69 million were up $2 million or 3.5 percent from a year ago and were $5 million below the anticipated monthly estimate.
Withholding collections for July totaled $778 million, up $38 million or 5.2 percent from last July and $3 million below the July benchmark.
Sales tax collections for July totaled $488 million, up $27 million or 5.9 percent from last July and $7 million above the July benchmark.
Note: The FY14 revenue estimate will be adjusted to reflect tax law changes in the recently enacted transportation reform legislation. The estimate will be further adjusted downwards by $24.3 million to reflect the impact of a two-day sales tax holiday on August 10-11, 2013, which was enacted on August 2, 2013. This revision will not impact the July benchmark.