News February Collections of $1.147 Billion Exceed Benchmark

  • Massachusetts Department of Revenue

Tuesday, March 4, 2008
Robert R. Bliss

Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for February 2008 totaled $1.147 billion, up $160 million or 16.2 percent from last February.

Total tax collections were $133 million above the February monthly benchmark, due largely to a financial institution's payment of $102 million received in February for prior tax years' liabilities.

FY08 year-to-date tax collections total $12.447 billion, up $674 million or 5.7 percent ahead of the same period a year ago, and are $245 million above the FY08 year-to-date benchmark corresponding to the FY08 estimate of $20.225 billion.

"The single payment of $102 million was largely responsible for the increase in corporate/business tax collections of $119 million, $117 million above the monthly benchmark. However, there was continued weakness in sales tax collections which were $10 million below the benchmark, a decrease of 3.6 percent from a year ago," Commissioner Bal said.

February income tax collections totaled $535 million, up $57 million or 12 percent and $37 million above the monthly benchmark. Strength in withholding taxes, which were $51 million above the benchmark and up 11.1 percent from a year ago, accounted for most of this increase. Income tax refunds were $22 million over the benchmark, up 11.5 percent from a year ago.

On a year-to-date basis, sales and use tax collections for the year are $15 million ahead of the same period a year ago and $42 million below the benchmark. Corporate/business taxes are also $15 million ahead of the same period a year ago and $101 million above the benchmark due to the large payment referenced above. Income taxes are $657 million ahead of a year ago and $191 million above the benchmark.

FY2008 Year-to-Date Revenue through February 29, 2008 

February 2008 Tax Collection Summary (preliminary as of March 3, 2008) 

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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