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News February Revenues Total $848 Million

3/01/2005
  • Massachusetts Department of Revenue

March 1, 2005
Tim Connolly
(617) 626-2369

Revenue Commissioner Alan LeBovidge today announced revenue collections for February totaled $848 million.

Year-to-date revenue collections totaled $10.355 billion, an increase of $571 million or 5.8 percent over last year. Year-to-date revenues are now $138 million above the revised fiscal 2005 benchmark.

Collections for February decreased $55 million or 6.0 percent less than last February. Receipts for February were $19 million below the adjusted benchmark.

"February is a small month for collections," LeBovidge said. "Withholding collections were affected by the difference in a due date that reduced the spillover of revenue from January."

Income tax collections for February totaled $384 million, a decrease of $98 million or 20.3 percent from last February. Withholding tax collections totaled $620 million, a decrease of $87 million or 12.3 percent. Sales and use tax collections were $276 million, up $8 million or 2.9 percent. Corporate and business tax collections were $33 million, an increase of $22 million or 211.8 percent.

Year-to-date income tax collections totaled $5.968 billion, an increase of $402 million or 7.2 percent. Income tax withholding for the first eight months of fiscal 2005 totaled $5.160 billion, up $185 million or 3.7 percent. Total sales and use collections were $2.598 billion, an increase of $112 million or 4.5 percent. Corporate and business tax collections were $601 million, down $31 million, or 4.9 percent.

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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