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News March Collections of $1.917 Billion Exceed Benchmark

4/02/2008
  • Massachusetts Department of Revenue

Wednesday, April 2, 2008

Robert R. Bliss
blissr@dor.state.ma.us
617-626-2369

Revenue Commissioner Navjeet K. Bal today announced that preliminary revenue collections for March 2008 totaled $1.917 billion, up $149 million or 8.5 percent from last March.

Total tax collections were $131 million above the March monthly benchmark based on the FY08 revenue estimate of $20.225 billion, due largely to two financial institutions' payments totaling $116 million received for disallowed tax shelters, some dating back to the 1990s.

FY08 year-to-date tax collections total $14.391 billion, up $820 million or 6.0 percent ahead of the same period a year ago, and are $372 million above the FY08 year-to-date benchmark corresponding to the FY08 revenue estimate of $20.225 billion.

Commissioner Bal said that of the $372 million, about $218 million is due to three one-time payments representing prior tax years' liabilities received in February and March from disallowed tax shelters. "Without these one-time payments, corporate tax collection would be running only slightly ahead of the revised benchmark," she said.

Corporate/business tax collections of $878 million for March 2008 were up $79 million or 9.9 percent from a year ago and were $123 million above the monthly benchmark. (Without the one-time payments of $116 million, corporate/business tax collections would have totaled $762 million for March 2008, down $37 million from a year ago and only $7 million ahead of the benchmark.) Sales and use tax collections of $296 million in March 2008 were up $6 million or 2.0 percent from a year ago and were $5 million ahead of the monthly benchmark.

March income tax collections totaled $623 million, up $70 million or 12 .6 percent and $8 million above the monthly benchmark. Withholding taxes totaled $787 million, up $26 million or 3.4 percent from a year ago, $1 million below the benchmark. Income tax refunds totaled $266 million, down $16 million or 5.8 percent from a year ago, $16 million over the benchmark. Income

FY2008 Year-to-Date Tax Revenue through March 31, 2008 

March 2008 Tax Collections Summary (preliminary as of April 1, 2008) 

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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