- Massachusetts Department of Revenue
Tuesday, January 02, 2007
Revenue Commissioner Alan LeBovidge today announced revenue collections for December totaled $1.779 billion, a decrease of $12 million or 0.7 percent from last December. Receipts for the sixth month of fiscal 2007 were $15 million above the revised monthly benchmark.
Year-to-date tax collections are $8.757 billion, an increase of $297 million or 3.5 percent over the same period last year. Year-to-date revenues are $98 million above the revised year-to-date benchmark. On October 24, 2006 the fiscal 2007 full-year benchmark was raised to $19.132 billion from $18.930 billion, an increase of $202 million.
"Collections from continuing operations of corporations and businesses continued to be strong in December. Total corporate and business collections were down from December 2005 because last December's collections included $66 million in one-time payments. Withholding revenues were also up, but we will not know until the end of January if any of this increase is due to earlier receipt of withholding on end-of-year bonus payments," LeBovidge said.
Income tax collections for December totaled $971 million, an increase of $5 million or 0.5 percent from last December. Withholding tax collections totaled $837 million, an increase of $52 million or 6.6 percent. Sales and use tax collections were $323 million, up $3 million or 0.9 percent. Corporate and business tax collections were $347 million, down $26 million or 6.9 percent.
Year-to-date income tax collections totaled $4.872 billion, an increase of $218 million or 4.7 percent. Income tax withholding for the first six months of fiscal 2007 totaled $4.209 billion, up $232 million or 5.8 percent. Total sales and use collections were $2.047 billion, an increase of $21 million or 1.0 percent. Corporate and business taxes for the first six months of fiscal 2007 totaled $942 million, an increase of $38 million or 4.2 percent.