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News February Revenues Total $987 Million

3/01/2007
  • Massachusetts Department of Revenue

Thursday, March 1, 2007
Jennifer Parent
617-626-2201

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.

February 2007 Tax Collection Summary (preliminary as of March 1, 2007) 

FY2007 Year-to-Date Tax Revenue through February 28, 2007 

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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