October Revenue Collections Total $1.555 Billion
(Boston, MA) - Revenue Commissioner Amy Pitter today announced that preliminary revenue collections for October totaled $1.555 billion, $154 million or 11.0 percent more than the state took in last October. Better than expected gains in corporate and business tax payments driven by one-time tax settlements, estimated individual income tax payments and motor vehicle sales tax collections partially offset weaknesses in other tax categories to end the month $75 million above the monthly benchmark based on the FY14 revenue estimate of $22.797 billion.
Tax collections four months into the fiscal year totaled $7.098 billion, $616 million or 9.5 percent more than at this time last year and $273 million above the year-to-date benchmark. One-time tax settlements account for $148.1 million of the surplus which must in general be deposited in the Commonwealth’s stabilization fund.
“We saw strong collections in estimated income tax payments and motor vehicles sales taxes in October,” said Commissioner Pitter. “But if it hadn’t been for corporate and business tax settlements, total revenue collections would have been virtually on benchmark as opposed to considerably above benchmark.”
Total income payments for October were $834 million, $31 million or 3.8 percent over last October but $12 million below the monthly benchmark. Year-to-date income was $3.892 billion, $268 million or 7.4 percent over this time last year and $89 million over the yearly benchmark.
Estimated income payments brought in $34 million for the month, $12 million or 57.1 percent more than last October and $11 million over the monthly benchmark. Year-to-date estimated income tax collections totaled $566 million, $59 million or 11.7 percent over last year at this time and $41 million over the year-to-date benchmark.
Income tax payments with returns/bills brought in $101 million for the month, $2 million or 2.5 percent more than last October and $2 million below the October benchmark.
Year-to-date Income tax payments with returns/bills totaled $267 million, $87 million or 48.1 percent over last year at this time and $77 million over the year-to-date benchmark, $50 million of which is due to settlement-related payments received prior to October.
Withholding collections totaled $813 million, $37 million or 4.7 percent more than last October and was right on the monthly benchmark. So far this fiscal year, withholding collections are $3.238 billion, $157 million or 5.1 percent over last October and $5 million over the year-to-date benchmark.
Corporate and business collections for October were $81 million, $73 million more than last October and $84 million over the monthly benchmark. Year-to-date corporate and business collections totaled $637 million, $131 million or 26.0 percent more than the same period last year and $110 million above the year-to-date benchmark, $98.1 million of which is due to settlement-related payments.
Sales and use tax collections for October totaled $468 million, up $27 million or 6.0 percent from last October and was right on the monthly benchmark. Collections through the first four months of the fiscal year totaled $1.864 billion, $109 million or 6.2 percent over the same period last year and $24 million over the year-to-date benchmark. Regular sales and use tax collections fell $4 million below benchmark in October, but that shortfall was offset by better than expected motor vehicle sales tax collections for the month.
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