August Revenue Collections Total $1.737 Billion
Revenue collections are $42 million below August monthly benchmark, $36 million below year-to-date benchmark
(Boston, MA) – Massachusetts Department of Revenue Commissioner Michael J. Heffernan today announced that preliminary revenue collections for August totaled $1.737 billion, which is $9 million or 0.5% more than August 2015.
“Total revenues are above the same period last year, but the rate of growth is lower than the projected benchmark,” said Heffernan. “Collections in August reflect a continuation of adverse trends from recent months, including relatively lower-than-expected growth in sales and income-related payments. While most economic data and independent researchers remain generally positive about the Massachusetts economy, we will continue to closely monitor our revenue collections.”
August is one of the smaller tax collection months with no quarterly estimated payments due for most individuals and businesses.
- Income tax collections for August were $982 million, which is $10 million or 1.1% more than a year ago and $19 million below the monthly benchmark.
- Withholding collections for August totaled $966 million, up $19 million or 2.0% from last August and $11 million below the monthly benchmark.
- Income tax payments with returns or tax bills for August totaled $38 million, up $5 million or 14.2% over last August and $8 million above the monthly benchmark.
- Income tax estimated payments totaled $25 million for August, $3 million or 16.2% more than a year ago and $2 million above the monthly benchmark.
- Income cash refunds in August totaled $47 million in outflows, which is an unfavorable $17 million greater than both the prior year actual and the benchmark.
- Corporate and business tax collections for the month totaled $38 million, down $11 million or 23% from last August and $3 million above the monthly benchmark.
- Sales and use tax collections for August totaled $521 million, an increase of $12 million or 2.3% from last August and $24 million below the monthly benchmark.
- Other tax collections for August totaled $197 million, which is approximately equal to both the prior year actual and the benchmark for the month.