Revenue Commissioner Frederick A. Laskey today announced that revenue collections for May 2000 totaled $1.63 billion, an increase of $455 million or 38.6 percent from last May. Year-to-date revenue collections totaled $13.91 billion, up $1.17 billion or 9.2 percent above last year. Collections for FY2000 are $139 million above the midpoint of the revenue estimate range, which is based on the Administration & Finance revised annual estimate of $15.458 billion.
"As we move into the last month of the fiscal year, strong revenue collections are indicative of continued economic strength in Massachusetts," Laskey said. "May revenues were driven by solid income and sales tax collections."
Income tax collections for May totaled $1.12 billion, an increase of $382 million or 51.9 percent when compared to May 1999. Withholding tax collections for May totaled $655 million, up $96 million or 17.1 percent. Sales and use tax collections totaled $341 million, up $56 million or 19.6 percent. Corporate collections totaled $31 million, up 12 million or 59.2 percent.
Year-to-date income tax collections totaled $8.12 billion, up $887 million or 12.3 percent. Withholding collections totaled $6.84 billion, up $641 million or 10.3 percent. Total sales and use tax collections were $3.23 billion, up $258 million or 8.7 percent. Corporate collections totaled $898 million, up $80 million or 9.8 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through May 31, 2000)
May 2000 monthly revenue, fiscal year-to-date revenue and actual tax collections.