September Revenue Collections Total $2.840 Billion
Revenue collections are $135 million above monthly benchmark, $124 million above year-to-date benchmark
(Boston, MA) – Massachusetts Department of Revenue Commissioner Christopher C. Harding today announced that preliminary revenue collections for September totaled $2.840 billion, which is $135 million or 5.0% above the monthly benchmark, and $97 million or 3.5% more than the actual collections in September 2016.
For the fiscal year-to-date through September, revenue collections totaled $6.349 billion, $124 million or 2.0% more than the year-to-date benchmark and $164 million or 2.6% more than the same fiscal year-to-date period in 2016.
“Revenues for September exceeded the monthly benchmark, mainly driven by withholding. As a result, year-to-date revenues are now modestly above benchmark," said Commissioner Harding. "The Department has identified some one-time revenue events that helped to improve September, beyond which we see modest growth across most other tax categories in line with expectations. With just under one-quarter of FY18 revenues collected, the actual results are closely aligned with our forecast.”
September is a significant month for revenues because many individuals and corporations are required to make estimated payments, usually producing about 10% of annual revenue and making September the fourth-largest revenue month of the year.
- Income tax collections for September were $1.594 billion, which is $104 million or 7.0% above benchmark and $90 million or 6.0% above last year.
- Withholding collections for September totaled $1.083 billion, $134 million or 14.2% above benchmark and $114 million or 11.8% more than 2016.
- Income tax estimated payments totaled $516 million for September, $17 million or 3.2% less than benchmark and $10 million or 2.0% below September 2016.
- Income cash refunds in September totaled $47 million in outflows, $17 million greater than benchmark and also $17 million greater than prior year.
- Sales and use tax collections for September totaled $540 million, which is $12 million or 2.4% more than benchmark and $14 million or 2.6% more than September 2016.
- Corporate and business tax collections for the month totaled $503 million, $16 million or 3.3% above benchmark and $9 million or 1.8% below last September.
- Other tax collections for September totaled $204 million, which is $2 million or 1.2% more than both the benchmark and the month of September 2016.