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News January Collections of $2.201 Billion Exceed Benchmark

2/04/2008
  • Massachusetts Department of Revenue

Monday, February 4, 2008
Robert R. Bliss
blissr@dor.state.ma.us
617-626-2369

Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for January 2008 total $2.201 billion, up $148 million or 7.2 percent from last January.

Total tax collections were $87 million above the January monthly benchmark, due largely to greater than anticipated income tax estimated payments.

FY08 year-to-date tax collections total $11.331 billion, up $515 million or 4.8 percent ahead of the same period a year ago, and are $111 million above the FY08 year-to-date revised benchmark of $20.225 billion.

"Downturns or flat collections in withholding and sales, categories reflective of current trends, were more than offset by income tax estimated payments, a category of collections that tends to look back to past investment gains and losses," Commissioner Bal said.

January income tax collections totaled $1.659 billion, up $229 million or 16 percent and $136 million above the monthly benchmark. Estimated payments, a subset of income tax collections, totaled $862 million, up $194 million from the same period last year and $129 million above the monthly benchmark. Withholding taxes totaled $836 million, up $21 million but $7 million below the monthly benchmark. Sales tax collections totaled $395 million, down $8 million and $22 million below the monthly benchmark. Corporate/business taxes, which are historically low in January, totaled $5 million, down $62 million from the same period last year (when a large settlement was received) and $24 million below the monthly benchmark.

Income tax refunds were down $19 million from a year ago, apparently due in part to the delay in taxpayers filing tax returns as they await the arrival of their 1099-HC forms from their health insurers. Those forms were to be mailed by January 31.

FY2008 Year-to-Date Revenue through January 31, 2008 

January 2008 Tax Collection Summary (preliminary as of February 4, 2008) 
 

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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