Ann Murphy / Jeffrey Busha
Massachusetts Department of Revenue (DOR) Commissioner Frederick A. Laskey today announced that March collections totaled $1.22 billion, down $112.1 million from last March due to two factors: larger taxpayer refunds and a decrease in corporate excise collections. Revenue collections for the year are $230 million above the midpoint of the revenue estimate range.
"The economy continues to remain strong and consumer spending is high as indicated by healthy sales tax figures this month. Tax cuts have resulted in larger refunds this year and more taxpayers are getting refunds," said Laskey. DOR has issued over 510,000 refunds this tax season totaling $515 million, which is $183 million more than last year at this time.
March 1999 income tax collections totaled $336 million, down $80.1 million or 19.2 percent from last March. Withholding tax collections totaled $576.3 million, an increase of $38.4 million or 7.1 percent. Sales and use tax collections totaled $263.1 million, up $39.9 million or 17.9 percent higher. Corporate income tax collections totaled $331.5 million, down $15.9 million or 4.6 percent.
Year-to-date revenue collections total $10.25 billion, up $536.9 million or 5.5 percent. Income tax collections total $5.61 billion, up $253.2 million or 4.7 percent. Withholding tax collections total $5.12 billion, up $353.5 million or 7.4 percent. Sales and use tax collections total $2.42 billion, an increase of $257.7 million or 11.9 percent. Corporate tax collections total $748.6 million, down slightly from last year to $3.7 million or .5 percent.