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News February Revenues Total $854 Million

3/01/2006
  • Massachusetts Department of Revenue

Wednesday, March 1, 2006
Tim Connolly
(617) 626-2369

Revenue Commissioner Alan LeBovidge today announced revenue collections for February totaled $854 million, an increase of $5 million or 0.5 percent over last February. Year-to-date revenue collections totaled $11.236 billion, an increase of $879 million or 8.5 percent over last year.

Revenue collections for the eighth month of fiscal 2006 were $8 million below the monthly benchmark. Year-to-date revenues are now tracking $70 million above the revised fiscal '06 benchmark of $18.158 billion.

"Historically a small month for collections, February's total was reduced by more efficient processing of income tax refunds," LeBovidge said. "On top of that, the average refund is up by 8 percent. While collections are rather flat for the month, the good news is larger refunds are getting to the taxpayers faster."

Income tax collections for February totaled $379 million, a decrease of $6 million or 1.5 percent from last February. Withholding tax collections totaled $668 million, an increase of $48 million or 7.7 percent. Sales and use tax collections were $294 million, up $16 million or 5.9 percent. Corporate and business tax collections were $37 million, an increase of $4 million or 11.9 percent.

Year-to-date income tax collections totaled $6.396 billion, an increase of $426 million or 7.1 percent. Income tax withholding for the first eight months of fiscal 2006 totaled $5.456 billion, up $294 million or 5.7 percent. Total sales and use collections were $2.706 billion, an increase of $107 million or 4.1 percent. Corporate and business tax collections were $970 million, up $368 million, or 61.3 percent.

February 2006 Tax Collection Summary (preliminary as of March 1, 2006)

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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