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Press Release December Revenue Collections Total $2.611 Billion

Monthly collections up $44 million vs. December 2018 actual; $40 million below monthly benchmark
For immediate release:
1/06/2020
  • Massachusetts Department of Revenue

Media Contact for December Revenue Collections Total $2.611 Billion

Naysa Woomer

(Boston, MA) — Massachusetts Department of Revenue (DOR) Acting Commissioner Kevin Brown today announced that preliminary revenue collections for December totaled $2.611 billion, which is $44 million or 1.7% more than the actual collections in December 2018, and $40 million or 1.5% less than benchmark.1

“Revenues for the month of December were slightly below benchmark, but above the prior year. On a fiscal year-to-date basis, we continue to see steady, moderate revenue growth. The slightly below benchmark performance in December is due to a shortfall in withholdings and regular sales tax, which was partly offset by the surplus in corporate and business taxes and non-withheld income tax," said Acting Commissioner Brown. “The lower December withholding figures follow a strong November for withholding, which indicates a timing shift rather than a changing trend. Halfway through the fiscal year, state tax revenue collections are moderately above benchmark on a year-to-date basis.”

In recent years, December has contributed an average of 9.5% total annual collections, ranking number five among the twelve months of the year for share of collections. Estimated Payments for Corporate & Business Taxes are due in the month. Income Estimated Payments also begin to come in December.

  • December 2019 revenues of $2.611 billion were $44 million or 1.7% more than last December, and $40 million below benchmark
  • Income tax collections were $1.431 billion, $19 million or 1.3% short of last December, and $83 million below benchmark
  • Withholding tax collections (a subcategory of income tax) were $1.262 billion, $57 million or 4.3% less than last December, and $111 million below benchmark
  • Sales and use tax collections were $591 million, $35 million or 6.3% ahead of last December, but $8 million below benchmark
  • Corporate and business taxes were $386 million, $18 million or 4.8% more than last December, and $50 million above benchmark
  • Other taxes, which include motor fuels, cigarette, estate, and other tax categories, were $202 million, $10 million or 5.1% ahead of last December, and roughly on target

Details:

  • Income tax collections for December were $1.431 billion, $83 million or 5.5% below benchmark, and $19 million or 1.3% less than December 2018.
  • Withholding tax collections for December totaled $1.262 billion, $111 million or 8.1% below benchmark, and $57 million or 4.3% less than December 2018.
  • Income tax estimated payments totaled $141 million for December, $15 million or 11.5% more than benchmark, and $20 million or16.3% more than December 2018.
  • Income returns and bills totaled $35 million for December, $1 million or 3.7% less than benchmark, and $2 million or 6.1% less than December 2018.
  • Income cash refunds in December totaled $7 million in outflows, $15 million or 69.0% less than benchmark, and $20 million or 75.1% less than December 2018.
  • Sales and use tax collections for December totaled $591 million, $8 million or 1.3% below benchmark, but $35 million or 6.3% more than December 2018.
  • Corporate and business tax collections for the month totaled $386 million, $50 million or 15.0% above benchmark, and $18 million or 4.8% more than December 2018.
  • Other tax collections for December totaled $202 million, roughly on target, and $10 million or 5.1% more than December 2018.

December 2019 Tax Collection Summary (in $ millions) Preliminary as of January 6, 2020

1 The FY20 revenue benchmark of $30.099 billion was used in building the signed FY20 General Appropriations Act.

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Media Contact for December Revenue Collections Total $2.611 Billion

Massachusetts Department of Revenue  

DOR manages state taxes and child support. We also help cities and towns manage their finances, and administer the Underground Storage Tank Program. Similarly, our mission includes rulings and regulations, tax policy analysis, communications, and legislative affairs.
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