Press Release

Press Release  January Revenue Collections Total $4.1 Billion

Monthly collections up $505 million or 14.1% vs. January 2024 actual; $406 million above benchmark
For immediate release:
2/05/2025
  • Massachusetts Department of Revenue

Media Contact

Nathalie Dailida

(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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  • Massachusetts Department of Revenue  

    DOR manages state taxes and child support. We also help cities and towns manage their finances, and administer the Underground Storage Tank Program. Similarly, our mission includes rulings and regulations, tax policy analysis, communications, and legislative affairs.
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