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News April Revenues of $2.336 Billion at Historic High but Short of Benchmark

5/02/2007
  • Massachusetts Department of Revenue

Wednesday, May 2, 2007
Robert Bliss
617-626-2201

April Revenues of $2.336 Billion at Historic High but Short of Benchmark

Revenue Commissioner Alan LeBovidge today announced revenue collections for April totaled $2.336 billion, an increase of $123 million or 5.6 percent from last April but $115 million below the benchmark corresponding to the January 30, 2007 Consensus Fiscal 2007 estimate of $19.3 billion. Year-to-date tax collections are $15.906 billion, an increase of $831 million or 5.5 percent over the same period last year and just $54 million above the year-to-date benchmark.

Income tax collections for April totaled $1.822 billion, an increase of $127 million or 7.5 percent from last April. Withholding tax collections totaled $691 million, an increase of $54 million or 8.4 percent but $28 million below the benchmark. Sales and use tax collections were $327 million, down $6 million or 1.9 percent and $20 million below the benchmark. Corporate and business tax collections were $55 million, up $3 million or 6.2 percent. Overall total income tax revenue was $92 million below the benchmark.

"While tax collections surpassed the highest level recorded for the month of April, the number is still $115 million less than the benchmark," LeBovidge said. "The fact that withholding and sales and use tax revenues are below the benchmarks bears watching."

Year-to-date income tax collections totaled $9.161 billion, an increase of $569 million or 6.6 percent. Income tax withholding for the first ten months of Fiscal 2007 totaled $7.223 billion, up $423 million or 6.2 percent. Total sales and use collections were $3.380 billion, an increase of $47 million or 1.4 percent. Corporate and business tax collections for the first ten months of Fiscal 2007 totaled $1.904 billion, an increase of $171 million or 9.9 percent.

FY2007 Year-to-Date Tax Revenue Through April 30, 2007 

April 2007 Tax Collection Summary (Preliminary as of May 1, 2007) 

Massachusetts Department of Revenue  

The Massachusetts Department of Revenue manages state taxes and child support. We also help cities and towns manage their finances.

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