News  February 2002 Revenues Total $800 Million

March 1, 2002
Tim Connolly
(617) 626-2369

Revenue Commissioner Alan LeBovidge today announced that revenue collections for the month of February totaled $800 million, down $112 million or 12.3 percent from February 2001, bringing year-to-date revenue collections to $9.4 billion, down $1 billion or 9.7 percent from last year.

"February is typically our lightest tax collection month," LeBovidge said. "This year's collections, affected by employment declines and smaller year-end bonuses for workers, are particularly light. Revenues are down across the board.''

Income tax collections for February totaled $434 million, a decrease of $90 million or 17.2 percent. Withholding tax collections totaled $635 million, down $94 million or 12.9 percent. Sales and use tax collections totaled $234 million, down $32.5 million or 12.2 percent. Corporate tax collections were negative $2.5 million, a decrease of $4.5 million or 224 percent.

Year-to-date income tax collections totaled $5.56 billion, down $723 million or 11.5 percent. Income withholding collections this fiscal year totaled $5 billion, a decrease of $409 million or 7.6 percent. Year-to-date collections of total sales and use tax collections were $2.5 billion, down $24 million or 1 percent. Corporate collections for the year totaled $140 million, down $235 million or 63 percent.

• Monthly Revenue Report (PDF) (through February 28, 2002)
  Monthly revenue, fiscal year-to-date revenue and actual tax collections.