- Massachusetts Department of Revenue
Nicole St. Peter Mac Dermott
(617) 626-2805
stpetermacdn@dor.state.ma.us
(Boston, MA) - Revenue Commissioner Michael J. Heffernan today announced that preliminary revenue collections for April totaled $2.941 billion, $92 million or 3.0 percent less than the state took in last April.
“April revenues reflect lower returns on investments during 2015 resulting in below benchmark performance for payments with returns and increased refunds this month,” said Commissioner Heffernan. “Our state economy remains healthy and strong with withholding collections showing continued growth in wages.”
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April is a significant month due to collection of payments with tax returns and extensions, and first quarter estimated income tax payments. Revenues were $172 million below benchmark for the month largely due to lower than anticipated income collections with returns and bills and lower than anticipated estimated payments. Additionally, corporate
and sales tax collections were less than expected and income tax refunds were greater than expected, contributing to the revenue gap.
With two months remaining in the current fiscal year, year-to-date revenues total $20.793 billion, $383 million or 1.9 percent more than last year at this time. Excluding the $26.9 million in one-time tax settlements received year-to-date, tax collections totaled $20.766 billion, $540 million or 2.7 percent above last year at this time but $261 million below the year-to-date benchmark.
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*For the purpose of this revenue release and going forward in Fiscal Year 2016 (FY16), the “benchmark” refers to the new benchmark, revised and released in January 2016.
FY2016 Year-to-Date Tax Revenue Through April, 2016
April 2016 Tax Collection Summary (in $ millions) (Preliminary as of May 4, 2016)