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News January Revenues Total $2.051 Billion

2/01/2007
  • Massachusetts Department of Revenue

Thursday, February 1, 2007
Jennifer Parent
617-626-2914

Revenue Commissioner Alan LeBovidge today announced revenue collections for January totaled $2.051 billion, an increase of $130 million or 6.7 percent from last January. Year-to-date tax collections are $10.813 billion, an increase of $431 million or 4.2 percent over the same period last year. Year-to-date revenues are $95 million above the year-to-date benchmark based on the October 24, 2006 Executive Office for Administration and Finance Fiscal 2007 estimate.

Receipts for the seventh month of Fiscal 2007 were $8 million below the monthly benchmark based on the $19.132 billion estimate.

"January is our third or fourth largest month for tax collections because of withholding for year-end bonuses, income tax estimated payments and sales tax payments on holiday season purchases. While withholding and estimated payments were below target, very strong corporate collections including a one-time $37 million corporate settlement allowed us to virtually meet our monthly benchmark," LeBovidge said.

Income tax collections for January totaled $1.429 billion, an increase of $67 million or 4.9 percent from last January. Withholding tax collections totaled $815 million, an increase of $4 million or 0.5 percent. Sales and use tax collections were $403 million, up $16 million or 4.2 percent. Corporate and business tax collections were $65 million, up $37 million or 129.6 percent.

Year-to-date income tax collections totaled $6.308 billion, an increase of $291 million or 4.8 percent. Income tax withholding for the first seven months of Fiscal 2007 totaled $5.024 billion, up $236 million or 4.9 percent. Total sales and use collections were $2.449 billion, an increase of $37 million or 1.5 percent. Corporate and business tax collections for the first seven months of Fiscal 2007 totaled $1.007 billion, an increase of $75 million or 8.0 percent.

January 2007 Tax Collection Summary (preliminary as of February 1, 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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