- Massachusetts Department of Revenue
March 3, 2003
Revenue Commissioner Alan LeBovidge today announced that revenue collections for February totaled $840 million, an increase of $38 million or 4.7 percent from last February. Year-to-date revenue collections total $9.303 billion, a decrease of $84 million or 0.9 percent.
Monthly and year-to-date receipts for February were $4 million above the midpoint of the monthly and year-to-date benchmark ranges corresponding to the recently revised A&F FY03 tax revenue estimate of $14.648 billion.
"February is one of the smallest tax collection months of the year, since post-holiday retail sales activity winds down and income tax refunds rise as taxpayers begin to file income tax returns for the prior tax year," said LeBovidge.
"However, February is an important month for income tax withholding collections, as many companies make end-of-year bonus and profit-sharing payments. February's withholding collections are consistent with the decline in such payments assumed in the recently revised FY03 revenue estimate of $14.648 billion."
Income tax collections for February totaled $435 million, a decrease of $2 million or 0.4 percent from last February. Withholding tax collections totaled $637 million, an increase of $2 million or 0.3 percent. Sales and use tax collections were $247 million, up $13 million or 5.4 percent. Amnesty revenues totaled $10.7 million, $5.7 million above estimate.
Year-to-date income tax collections total $5.204 billion, a decrease of $360 million or 6.5 percent. Income tax withholding for the first seven months of fiscal 2003 totals $4.791 billion, down $201 million or 4.0 percent. Total sales and use collections are $2.497 billion, an increase of $22 million or 0.9 percent.
Monthly Revenue Report (PDF) (through February 28, 2003)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.