Nicole St. Peter
Revenue Commissioner Frederick A. Laskey today announced that revenue collections for August 2000 totaled $1.14 billion, an increase of $88.2 million or 8.4 percent from last August. Year-to-date revenue collections totaled $2.21 billion, up $218 million or 11.0 percent above last year. Collections for FY2001 are $147 million above the midpoint of the revenue estimate range.
"Strong revenue collections continue to come in as a result of the healthy and expanding Massachusetts economy," said Laskey. "September, compared to August, is generally considered a more significant month to watch because collections will also include quarterly payments from individuals and businesses."
Income tax collections for August totaled $694.1 million, an increase of $66.0 million or 10.5 percent when compared to August 1999. Withholding tax collections for August totaled $679.8 million, up $70 million or 11.5 percent. Sales and use tax collections totaled $302.8 million, up $14.5 million or 5 percent.
Year-to-date tax collections totaled $2.21 billion, up $218 million or 11 percent. Withholding collections totaled $1.26 billion, up $132 million or 11.8 percent. Total sales and use tax collections were $639.1 million, up $48.7 million or 8.2 percent. Corporate collections totaled $21.2 million, up $266 thousand or 1.3 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through August 31, 2000)
August 2000 monthly revenue, fiscal year-to-date revenue and actual tax collections