News July Revenue Collections Total $1.442 Billion

  • Massachusetts Department of Revenue

Tuesday, August 2, 2011
Stephen J. Dukeman

Monthly collection is up $89 million or 6.6% over last July and $60 million above monthly benchmark

Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for July 2011 totaled $1.442 billion, up 6.6 percent from a year ago

Total tax collections were $60 million above the July monthly benchmark based on the FY12 revenue estimate of $20.636 billion, which reflects the FY12 consensus revenue estimate of $20.525 billion adjusted for the impact of FY12 revenue initiatives enacted as part of the FY12 budget. The FY12 revenue estimate will be further adjusted downwards by $20.5 million to reflect the impact of the recently passed sales tax holiday.

"The month's revenue growth came from greater than forecast withholding, which is a good sign of continuing economic recovery, as well as estate tax collections," said DOR Commissioner Bal, who noted that July is a relatively small tax collection month with no quarterly estimated payments due for most business and individual taxpayers. The Commonwealth received several one-time estate tax payments in July, totaling $25 million.

July income tax collections totaled $792 million, up $71 million or 9.9 percent from July 2010, $41 million above the benchmark. Withholding collections alone were $42 million above benchmark. Sales tax collections totaled $449 million, down $1 million or 0.2 percent from a year ago and at benchmark. Corporate and business tax collections, normally small in July, totaled $48 million, the same as a year ago and $1 million below benchmark.

FY2011 Year-to-Date Tax Revenue through July 31, 2011 

July 2011 Tax Collection Summary (preliminary as of August 2, 2011) 

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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