August 2, 2000
Nicole St. Peter
(617) 626-4058

Revenue Commissioner Frederick A. Laskey today announced that revenue collections for July 2000 totaled $1.06 billion, an increase of $127 million or 13.5 percent from last July. Collections for FY2001 are $137 million above the benchmark midpoint forecast, based on the annual revenue estimate of $15.204 billion* adopted in the FY2001 budget.

"Revenue collections for the first month of FY2001 are strong, based on robust income and sales tax receipts," said Laskey. "July revenues are up over last year despite two fewer collections days in the month. Consumer confidence continues to ride high on the strength of the Massachusetts economy."

Income tax collections for July and year-to-date totaled $579 million, an increase of $86 million or 17.4 percent when compared to July 1999. Withholding tax collections for July totaled $575 million, up $61 million for 12.0 percent. Sales and use tax collections totaled $335 million, up $33 million or 11 percent. Corporate collections totaled $15 million, up $8 million or 112.7 percent.

*The $15.204 billion estimate does not include an additional $645 million in sales and use tax receipts that will be transferred to the MBTA in FY2001. These receipts are incorporated in the benchmarks and included in the sales and use tax figures for July.