Press Release  January Revenue Collections Total $4.1 Billion

(Boston, MA) — Massachusetts Department of Revenue (DOR) Commissioner Geoffrey Snyder today announced that preliminary revenue collections for January totaled $4.100 billion, $505 million or 14.1% more than actual collections in January 2024, and $406 million or 11.0% above benchmark.^[1]

FY2025 year-to-date collections totaled approximately $23.360 billion^[2], which is $1.901 billion or 8.9% more than actual collections in the same period of FY2024, and $566 million or 2.5% above the year-to-date benchmark.

“January revenue included increases relative to January 2024 collections in withholding, and non-withheld income tax,” said Commissioner Snyder. “The increase in withholding is possibly due to bonus related activities and surtax revenue. The increase in non-withholding income tax is due, in part, to a likely increase in surtax revenue, capital gains tax revenue, and the pass-through entity excise.”

January is a significant month for revenues because many personal income taxpayers are required to make quarterly estimated payments. Historically, roughly 10.2% of annual revenue, on average, has been received during January.

Details:

• Income tax collections for January totaled $2.902 billion, $428 million or 17.3% above benchmark, and $489 million or 20.3% more than January 2024.
• Withholding tax collections for January totaled $1.726 billion, $129 million or 8.0% above benchmark, and $200 million or 13.1% more than January 2024.
• Income tax estimated payments for January totaled $1,093 billion, $268 million or 32.5% above benchmark, and $266 million or 32.2% more than January 2024.
• Income tax returns and bills for January totaled $125 million, $37 million or 41.7% above benchmark, and $29 million or 30.1% more than January 2024.
• Income tax cash refunds for January totaled $42 million in outflows, $6 million or 15.9% above benchmark, and $6 million or 16.5% more than January 2024.
• Sales and use tax collections for January totaled $930 million, $2 million or 0.2% above benchmark, and $15 million or 1.7% more than January 2024.
• Corporate and business tax collections for January totaled $93 million, $20 million or 18.0% below benchmark, and $5 million or 4.8% less than January 2024.
• “All other” tax collections for January totaled $174 million, $3 million or 1.7% below benchmark, but $5 million or 3.1% more than January 2024.

January 2025 Tax Collections Summary (in $ millions) Preliminary as of February 05, 2025 (PDF)

Footnotes

[1]

FY2025 monthly revenue benchmarks are posted on the DOR website.

[2]

Excludes $58 million in year-to-date revenue reclassified as settlement and judgment payments.

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