- Massachusetts Department of Revenue
Wednesday, August 5, 2009
Robert R. Bliss
Monthly collection is $24 million below benchmark
Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for July 2009 totaled $1.253 billion.
Total tax collections were $24 million below the July monthly benchmark based on the revenue estimate of $18.879 billion for FY10.
"July, a small month for collections, saw continued softness in revenues with only corporate and business tax collections coming close to benchmark," said DOR Commissioner Navjeet K. Bal.
July income tax collection totaled $699 million, down $63 million or 8.2 percent from July 2008 and $8 million below the benchmark. Sales tax collections totaled $345 million, down $18 million or 4.9 percent from a year ago and $9 million below benchmark.
July is a small month for corporate and business tax collections, which totaled $84 million, down $36 million or 29.9 percent and $1 million below benchmark. The decline in monthly corporate/business collection from July 2008 to July 2009 was due to receipt of a one time corporate tax settlement of $80.3 million in July of of 2008.