Fiscal Year 2000 Preliminary Revenues Total $15.700 Billion - Robust Massachusetts Economy Continues Strong Growth

July 14, 2000
Nicole St. Peter
(617) 626-4058

Revenue Commissioner Frederick A. Laskey announced today that preliminary revenues for FY2000 were $15.700 billion, up $1.409 billion or 9.9 percent from FY1999 indicating the strength and staying power of the Bay State economy. Preliminary year-end revenues surpassed the benchmark of $15.458 billion by $243 million or 1.6 percent.

"Massachusetts continues to experience strong revenue growth in FY2000," said Laskey. "The strong economy continues to raise revenue beyond expectations with sizable growth in all major categories."

The Department of Revenue (DOR) provides preliminary revenues for FY2000 as part of the process of closing the Commonwealth's books. The closing process uses Generally Accepted Accounting Principles. Final revenue numbers will be available in the Fall.

Preliminary figures for FY2000 show that withholding tax revenue totaled $7.45 billion, an increase of $702.1 million or 10.4 percent over FY1999 reflecting solid wage growth. Income tax revenue totaled $9.04 billion, up $1.01 billion over last year. Sales and use tax revenue totaled $3.57 billion, an increase of $295.4 million or 9.0 percent. Corporate tax revenue totaled $1.13 billion, up $122.9 million or 12.2 percent.

Revenue for the month of June 2000 totaled $1.790 billion, an increase of $242.7 million or 15.7 percent over June 1999. Income tax collections were $920.3 million, up $118 million or 14.7 percent. Withholding tax collections were $616.5 million, an increase of $61.1 million or 11 percent. Sales and use tax collections totaled $330.8 million, up $36.7 million or 12.5 percent. Corporate tax collections were $235.4 million, an increase of $44.7 million or 23.4 percent.