Revenue Commissioner Alan LeBovidge today announced that preliminary revenue collections for September were $1.637 billion, an increase of $79 million or 5.0 percent over last September. Total tax collections for the third month of fiscal 2004 were $21 million above the September benchmark of $1.616 billion.
Year-to-date collections were $3.794 billion, an increase of $159 million or 4.4 percent. After three months, fiscal '04 collections are $129 million above the benchmark.
"The fact that we made the benchmark for the month is good news for Massachusetts,'' LeBovidge said. "However, there is a cautionary tale in these numbers. Withholding and sales tax collections remain flat. Taken together those two tax types make up three quarters of all yearly collections."
"Estimated income tax payments, which would include tax on capital gains, were just slightly above the benchmark while corporate and business taxes were very strong,'' LeBovidge added. "Contained in the corporate and business number are several one-time payments for back taxes."
Income tax collections for September totaled $838 million, an increase of $45 million or 5.7 percent over last September. Withholding tax collections totaled $573 million, a decrease of $9 million or 1.5 percent. Sales and use tax collections were $312 million, up $7 million or 2.1 percent. Corporate and business tax collections totaled $347 million, an increase of $50 million or 17 percent over last September.
Year-to-date income tax collections were $2.019 billion, an increase of $92 million or 4.8 percent. Year-to-date withholding tax collections were $1.728 billion, an increase of $42 million or 2.5 percent. Year-to-date sales and use tax revenues were $960 million, an increase of $3 million or 0.4 percent. Year-to-date corporate and business tax collections were $401 million, an increase of 86 million or 27.4 percent.
Monthly Revenue Report (PDF) (through September 30, 2003)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.