September Revenue Collections Total $2.467 Billion
(Boston, MA) - Revenue Commissioner Amy Pitter today announced that preliminary revenue collections for September totaled $2.467 billion, $53 million or 2.2 percent more than the state took in last September. Withholding payments that were anticipated to be paid in September and were instead paid in August, combined with third quarter corporate and business estimated payments that were below what was expected, resulted in revenues of $108 million below the monthly benchmark based on the FY15 revenue estimate of $24.387 billion.
Tax collections for the first quarter of the fiscal year total $5.693 billion, $150 million or 2.7 percent more than at this time last year and $43 million below the year-to-date benchmark.
“Quarterly estimated income tax payments from individuals and businesses make September an important tax collection month,” said Commissioner Pitter. “While we anticipated the timing shift of withholding payments into August would have an impact on September collections, the shortfall in anticipated third quarter corporate and business estimated payments delivered an additional impact on this month’s performance relative to what was anticipated.”
Total income payments for September were $1.364 billion, $26 million or 1.9 percent over last September and $33 million below the monthly benchmark. Year-to-date income tax collections were $3.165 billion, $106 million or 3.5 percent over this time last year and $31 million over the yearly benchmark.
Estimated income payments brought in $524 million for the month, $38 million or 7.7 percent more than last September and $21 million over the monthly benchmark. Year-to-date estimated income tax collections totaled $572 million, $40 million or 7.6 percent more than last September and $21 million over the year-to-date benchmark.
Income tax payments with returns/bills totaled $34 million for the month, $4 million or 11.1 percent less than the same period last year and $14 million below the September benchmark. Year-to-date collections totaled $106 million, $60 million or 36.3 percent less than last year at this time and $20 million below the year-to-date benchmark.
Withholding collections totaled $825 million, $13 million or 1.6 percent below last September and $46 million under the September benchmark. Almost all of the September weakness is due to a timing-related withholding shift of roughly $40-60 million from September to August. To date for the fiscal year, withholding collections are $2.541 billion, $116 million or 4.8 percent more than last September and $20 million over the year-to-date benchmark.
Corporate and business collections for September were $446 million, $7 million or 1.6 percent less than last September and $66 million below the monthly benchmark. Year-to-date corporate and business collections totaled $529 million, $27 million or 4.8 percent less than the same period last year and $59 million below the year-to-date benchmark.
Sales and use tax collections for September totaled $469 million, up $24 million or 5.4 percent from last September and $11 million below the monthly benchmark. Collections through the first quarter totaled $1.465 billion, $68 million or 4.9 percent over the same period last year and $18 million below the year-to-date benchmark. Regular sales and use tax collections fell $14 million below benchmark in September and meals and motor vehicle sales tax collections came in just slightly ahead of benchmark.
The All Other tax category came in at $2 million above benchmark for September.
Tax amnesty collections for the month of September totaled just over $13 million with approximately 20 thousand taxpayers participating to date. The two-month tax amnesty period will be open through October 31 to taxpayers who received a notice.