News  July Revenue Collections Total $1.673 Billion

Maryann Merigan
617-626-4247
meriganm@dor.state.ma.us

(Boston, MA) - Revenue Commissioner Mark Nunnelly today announced that preliminary revenue collections for July totaled $1.673 billion, $77 million or 4.8 percent more than last July.

“July is a small tax collection month with no quarterly estimated payments due for most individuals and businesses,” said Commissioner Nunnelly. “Withholding continues to be strong but was largely offset this month by lower than expected corporate and business collections, and higher personal income tax refunds.”

• Income tax collections for July were $915 million, $57 million or 6.7 percent more than a year ago and $12 million above the monthly benchmark.
• Withholding collections for July totaled $883 million, up $69 million or 8.5 percent from last July and $27 million above the July benchmark.
• Income tax payments with returns or tax bills for July totaled $33 million, $1 million or 3 percent more than last July and $1 million below the monthly benchmark.
• Income tax estimated payments totaled $29 million for July, $0.1 million or 0.4 percent less than a year ago and $1 million below the monthly benchmark.
• Income cash refunds in July totaled $29 million, up $13 million or 83.3 percent from a year ago and $13 million above the July benchmark.
• Corporate and business tax collections for the month totaled $48 million, down $24 million or 33.6 percent from last July and $23 million below the monthly benchmark.
• Sales tax collections for July totaled $549 million, up $34 million or 6.6 percent from last July and $7 million above benchmark for the month.
• Other tax collections, including revenues from deeds and estates, totaled $161 million in July, $10 million or 6.6 percent more than last July and $10 million above the July benchmark.

FY2016 Year-to-Date Tax Revenue Through July 31, 2015

July 2015 Tax Collection Summary (in $ millions) (Preliminary as of August 5, 2015)