Press Release  March Revenue Collections Total $4.193 Billion

Boston — Massachusetts Department of Revenue (DOR) Commissioner Geoffrey Snyder today announced that preliminary revenue collections for March totaled $4.193 billion, $127 million or 3.1% more than actual collections in March 2024, and $101 million or 2.5% above benchmark.^[1]

FY2025 year-to-date collections totaled approximately $29.681 billion,^[2] which is $2.149 billion or 7.8% more than actual collections in the same period of FY2024, and $786 million or 2.7% above the year-to-date benchmark. A significant portion of the FY25 year-to-date above benchmark performance is likely driven by surtax and capital gains tax collections.

 “March revenue included increases relative to March 2024 collections in all major tax categories, including withholding and non-withholding income taxes, sales and use taxes, corporate and business taxes, and ‘all other tax’,” said Commissioner Snyder. “The increase in withholding reflects current labor market conditions. The increase in non-withholding income tax is due, in part, to passthrough entity excise payments and a likely increase in capital gains tax collections, partially offset by an unfavorable increase in refunds. The almost flat sales and use tax collections probably reflect the impact of declining consumer confidence and the lingering impact of past inflation. The increase in corporate and business taxes is driven by an increase in payments with returns and bills and a favorable decrease in refunds, partially offset by a decrease in estimated payments.

The increase in ‘all other’ tax is mostly attributable to an increase in the premium tax on excess and surplus lines insurance policies, a category that tends to fluctuate.”

Historically, March is a mid-size month for revenue collections, ranking sixth of the 12 months in six of the last 10 years. Many corporate and business taxpayers are required to make estimated payments during the month. The tax filing season is underway, and March is typically a significant month for refund payments (outflows), which reduce total net revenue.

Details: 

• Income tax collections for March totaled $2.058 billion, $102 million or 5.2% above benchmark, and $65 million or 3.3% more than March 2024. 
• Withholding tax collections for March totaled $1.989 billion, $6 million or 0.3% below benchmark, but $43 million or 2.2% more than March 2024. 
• Income tax estimated payments for March totaled $106 million, $7 million or 7.2% above benchmark, and $10 million or 10.4% more than March 2024. 
• Income tax returns and bills for March totaled $564 million, $164 million or 41.1% above benchmark, and $71 million or 14.5% more than March 2024. 
• Income tax cash refunds for March totaled $602 million in outflows, $64 million or 11.9% above benchmark, and $59 million or 10.9% more than March 2024. 
• Sales and use tax collections for March totaled $671 million, $53 million or 7.3% below benchmark, but $6 million or 0.9% more than March 2024. 
• Corporate and business tax collections for March totaled $1.263 billion, $32 million or 2.6% above benchmark, and $30 million or 2.4% more than March 2024. 
• “All other” tax collections for March totaled $201 million, $20 million or 11.1% above benchmark, and $27 million or 15.4% more than March 2024.

March 2025 Tax Collections Summary (in $ millions) Preliminary as of April 03, 2025 (PDF)

Footnotes

[1]

FY2025 monthly revenue benchmarks are posted on the webpage: DOR Year-to-Date and Monthly Tax Collection Benchmark Ranges.

[2]

Excludes $58 million in year-to-date revenue reclassified as settlement and judgment payments.

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