News  February Revenues Total $901 Million

March 1, 2004
Tim Connolly
(617) 626-2369

Revenue Commissioner Alan LeBovidge today announced revenue collections for February totaled $901 million, an increase of $61 million or 7.2 percent more than last February. Year-to-date revenue collections total $9.782 billion, an increase of $478 million or 5.1 percent over last year.

Receipts for February were $104 million above the adjusted benchmark. Year-to-date revenues are now $151 million above the fiscal 2004 benchmark.

"We continue to see growth in the revenues compared to last year and collections are exceeding expectations as well," LeBovidge said. "Of particular note is the increase in withholding on income, which appears to be primarily due to bonus payments rather than an increase in jobs."

Income tax collections for February totaled $481 million, an increase of $45 million or 10.2 percent from last February. Withholding tax collections totaled $707 million, an increase of $69 million or 10.8 percent. Sales and use tax collections were $268 million, up $19 million or 7.6 percent.

Year-to-date income tax collections totaled $5.565 billion, an increase of $359 million or 6.9 percent. Income tax withholding for the first eight months of fiscal 2004 totaled $4.975 billion, up $184 million or 3.8 percent. Total sales and use collections were $2.485 billion, a decrease of $13 million or 0.5 percent.

Monthly Revenue Report (PDF) (through February 29, 2004)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.