Ann Murphy / Jeffrey Busha
Massachusetts Department of Revenue (DOR) Commissioner Frederick A. Laskey today announced that February collections totaled $748.3 million, slightly down from last February due to larger taxpayer refunds this year. Year-to-date revenue collection increased $47 million against the revenue estimate benchmark, which was adjusted last month to reflect the expected impact of the tax cuts. The result is that revenue collections for the year are $274 million above the midpoint of the revenue estimate range.
"Overall, the economy remains strong as we begin to see the expected revenue impact of the tax cuts. In addition, due to the increased personal tax exemptions, we are also seeing larger taxpayer refunds. We are working hard at getting these larger refunds out-the-door and in to the hands of taxpayers," said Laskey.
DOR has issued over 575,000 refunds this tax season totaling $258 million, which is $90 million more than last year at this time.
February 1999 income tax collections totaled $396.1 million, down $56.4 million or 12.5 percent from last February. Withholding tax collections totaled $593.2 million, an increase of $16.4 million or 2.8 percent. Sales and use tax collections totaled $229.1 million, $1.80 million or .8 percent higher. Corporate income tax collections totaled $15.6 million, down $13.8 million or 46.9 percent.
Year-to-date revenue collections total $9.02 billion, up $645.6 million or 7.7 percent. Income tax collections total $5.27 billion, up $332.2 billion or 6.7 percent. Withholding tax collections total $4.54 billion, up $314.2 million or 7.4 percent. Sales and use tax collections total $2.16 billion, an increase of $217.2 million or 11.2 percent. Corporate tax collections total $417.2 million, up $12.2 million or 3.0 percent.