Press Release  August Revenue Collections Total $2.622 Billion

(Boston, MA) — (Boston, MA) – Massachusetts Department of Revenue (DOR) Commissioner Geoffrey Snyder today announced that preliminary revenue collections for August totaled $2.622 billion, $192 million or 7.9% more than actual collections in August 2023, but $14 million or 0.5% below benchmark.^[1]

FY2025 year-to-date collections totaled approximately $5.309 billion, which is $212 million or 4.2% more than actual collections in the same period of FY2024, but $14 million or 0.3% below the year-to-date benchmark. 

“August revenue included increases relative to August 2023 collections in withholding, non-withheld income tax, and corporate and business tax,” said Commissioner Snyder. “These increases were partially offset by decreases in sales and use tax and ‘all other’ tax. The increase in withholding is due, in part, to several significant corporate events. The decrease in sales and use tax is primarily the result of typical timing factors in collections. The decrease in ‘all other’ tax is due, in part, to estate tax, a category that tends to fluctuate.” 

The FY25 revenue benchmarks reflect $323 million in additional tax relief for the people of Massachusetts relative to FY24 - comprised of $268 million covering the second phase of last year’s historic tax package and $55 million in expanded tax credits enacted in the Affordable Homes Act. August is typically one of the smaller months for revenue collections because neither individual nor business taxpayers make significant estimated payments during the month. Historically, roughly 6.7% of annual revenue, on average, has been received during August. Given the brief period covered in the report, August results should not be used as a predictor for the rest of the fiscal year.

Details

• Income tax collections for August totaled $1.540 billion, $9 million or 0.6% below benchmark, but $218 million or 16.5% more than August 2023.
• Withholding tax collections for August totaled $1.465 billion, $3 million or 0.2% below benchmark, but $199 million or 15.7% more than August 2023.
• Income tax estimated payments for August totaled $53 million, $3 million or 5.6% below benchmark, but $6 million or 12.3% more than August 2023.
• Income tax returns and bills for August totaled $65 million, $2 million or 2.7% below benchmark, but $1 million or 2.2% more than August 2023.
• Income tax cash refunds for August totaled $43 million in outflows, $2 million or 3.7% above benchmark, but $12 million or 21.1% less than August 2023.
• Sales and use tax collections for August totaled $792 million, virtually equal to monthly benchmark, but $17 million or 2.0% less than August 2023.
• Corporate and business tax collections for August totaled $79 million, virtually equal to monthly benchmark, but $16 million or 25.6% more than August 2023.
• “All other” tax collections for August totaled $212 million, $4 million or 1.7% below benchmark, and $25 million or 10.7% less than August 2023. 

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August 2024 Tax Collections Summary (in millions) Preliminary as of September 5, 2024 

Footnotes

[1]

With the recent enactment of the FY2025 budget, monthly revenue benchmarks were developed for the August 2024 through June 2025 period. FY2025 monthly revenue benchmarks are posted on the DOR website: https://www.mass.gov/lists/dor-year-to-date-and-monthly-tax-collection-benchmark-ranges.

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