Nicole St. Peter
The Massachusetts Department of Revenue today announced that revenue collections for the month of January totaled $1.58 billion, down $356 million or 18.4 percent from January 2001. Year-to-date revenue collections are $8.585 billion, down $899 million or 9.5 percent when compared to last year at this time. Tax collections for FY2002 are $185 million below the midpoint of the benchmark estimate range.
"Revenues were expected to decline in January, but were down more than expected," said Senior Deputy Commissioner Sheila LeBlanc. "One bright spot in the report is the stronger sales tax number, which reflects higher spending in December on such things as motor vehicles and meals.''
Income tax collections for January totaled $1.079 billion, a decrease of $343 million or 24.1 percent. Withholding tax collections were $669 million, down $94 million or 12.3 percent. Sales and use tax collections totaled $393 million, an increase of $9.5 million or 2.5 percent. Corporate collections were negative $18.570 million, down $23 million or 488.7 percent, due to higher-than-projected refunds.
Year-to-date income tax collections total $5.127 billion, down $633 million or 11.0 percent. Income withholding collections are $4.357 billion, a decrease of $315 million or 6.7 percent. Sales and use tax collections are $2.239 billion, an increase of $8 million or 0.4 percent. Corporate collections total $142 million, down $231 million or 61.9 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through January 31, 2002)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.