- Massachusetts Department of Revenue
Thursday, March 1, 2007
Revenue Commissioner Alan LeBovidge today announced revenue collections for February totaled $987 million, an increase of $134 million or 15.7 percent from last February. Year-to-date tax collections are $11.803 billion, an increase of $567 million or 5.0 percent over the same period last year. February revenues were $101 million above the monthly and year-to-date benchmarks based on the January 30, 2007 Consensus Fiscal 2007 estimate of $19.300 billion.
"February has historically been the lightest month of the year for tax collections. This month, we have seen a large increase in revenues as a result of an increase in withholding payments which appears to be primarily due to end-of-year bonus payments, a one-time sales tax payment of $15 million which helped in reaching the monthly estimate, and a reduction in the number of refunds processed. This latter item will reverse itself during the remainder of the tax season," LeBovidge said.
Income tax collections for February totaled $477 million, an increase of $97 million or 25.7 percent from last February. Withholding tax collections totaled $747 million, an increase of $79 million or 11.8 percent. Sales and use tax collections were $313 million, up $19 million or 6.3 percent. Corporate and business tax collections were $41 million, up $4 million or 9.8 percent.
Year-to-date income tax collections totaled $6.785 billion, an increase of $389 million or 6.1 percent. Income tax withholding for the first eight months of Fiscal 2007 totaled $5.771 billion, up $315 million or 5.8 percent. Total sales and use collections were $2.762 billion, an increase of $55 million or 2.0 percent. Corporate and business tax collections for the first eight months of Fiscal 2007 totaled $1.050 billion, an increase of $80 million or 8.3 percent.