Press Release

Press Release February Revenue Collections Total $1.535 Billion

Monthly collections up $115 million vs. February 2019 actual; $69 million above monthly benchmark
For immediate release:
3/04/2020
  • Massachusetts Department of Revenue

Media Contact for February Revenue Collections Total $1.535 Billion

Naysa Woomer

Boston, MA — Massachusetts Department of Revenue (DOR) Acting Commissioner Kevin Brown today announced that preliminary revenue collections for February totaled $1.535 billion, which is $69 million or 4.7% more than benchmark1, and $115 million or 8.1% more than the actual collections in February 2019.

For the fiscal year-to-date through February, revenue collections totaled $18.428 billion, $909 million or 5.2% more than the same fiscal year-to-date period in 2019, and $176 million or 1.0% more than the year-to-date benchmark.

“Most major categories of revenue performed as expected in February. The estate tax, which is included in the ‘All Other’ category, was the primary contributor to the above-benchmark performance for the month,” said Acting Commissioner Brown. “With approximately 60% of revenue collections in the door for Fiscal Year 2020, we continue to see overall steady, moderate growth above both prior year and benchmark on a fiscal year-to-date basis. Sales and use and “All Other” taxes show moderate growth with slightly less growth in corporate and business tax collections.”

February has historically been the lowest month for revenue, contributing less than 6% of annual collections. Neither individual nor business taxpayers are required to make estimated payments during the month. In addition, February tends to be the lowest month of the year for sales & use tax collections. Finally, as tax filing season gains momentum, February is the first month in which refunds reach substantial levels, reducing the overall net revenue figure. The remaining four months of the fiscal year, from March through June, have in the past contributed nearly 40% of total revenues on average, making it the largest four-month revenue period in almost every fiscal year.

  • February 2020 revenues of $1.535 billion were $115 million or 8.1% more than last February, and $69 million above benchmark
  • Income tax collections were $736 million, $17 million or 2.3% more than last February, and $14 million above benchmark 
  • Withholding tax collections (a subcategory of income tax) were $1.217 billion, $51 million or 4.4% more than last February, and $8 million above benchmark
  • Sales and use tax collections were $540 million, $41 million or 8.2% ahead of last February, and $6 million above benchmark
  • Corporate and business taxes were $24 million, $12 million or 91.5% more than last February, and $12 million above benchmark•
  • Other taxes, which include motor fuels, cigarette, estate, and other tax categories, were $235 million, $46 million or 24.1% ahead of last February, and $37 million above benchmark

Details:

  • Income tax collections for February were $736 million, $14 million or 1.9% above benchmark, and $17 million or 2.3% more than February 2019.
  • Withholding tax collections for February totaled $1.217 billion, $8 million or 0.6% above benchmark, and $51 million or 4.4% more than February 2019.
  • Income tax estimated payments totaled $14 million for February, $1 million or 6.3% less than benchmark, and $2 million or 11.0% less than February 2019.
  • Income returns and bills totaled $47 million for February, $8 million or 21.2% more than benchmark, and $8 million or 20.2% more than February 2019.
  • Income cash refunds in February totaled $543 million in outflows, $1 million or 0.2% more than benchmark, and $40 million or 8.0% more than February 2019.
  • Sales and use tax collections for February totaled $540 million, $6 million or 1.2% above benchmark, and $41 million or 8.2% more than February 2019.
  • Corporate and business tax collections for the month totaled $24 million, $12 million or 90.4% above benchmark, and $12 million or 91.5% more than February 2019
  • Other tax collections for February totaled $235 million, $37 million or 19.0% above benchmark, and $46 million or 24.1% more than February 2019.

February 2020 Tax Collection Summary (in $ millions) Preliminary as of March 4, 2020

1 The original benchmark for fiscal year 2020 is $30.099 billion. On January 13, 2020, as part of the fiscal year 2021 Consensus Revenue process, the fiscal year 2020 figure was adjusted to $30.289 billion. The adjustment is reflected beginning with the January report.

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Media Contact for February Revenue Collections Total $1.535 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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