Press Release  May Revenue Collections Total $2.447 Billion

Boston, MA — Massachusetts Department of Revenue (DOR) Commissioner Geoffrey Snyder today announced that preliminary revenue collections for May totaled $2.447 billion, $260 million or 9.6% less than actual collections in May 2023, and $192 million or 7.3% below benchmark.[1]

FY2024 year-to-date collections totaled approximately $36.306 billion, which is $1.279 billion or 3.7% more than collections in the same period of FY2023, and $700 million or 2.0% more than the year-to-date benchmark. 

“May collections decreased in all major tax types in comparison to May 2023,” said Commissioner Snyder. “The decrease in income tax withholding and sales tax were due, in part, to typical timing factors in collections. The decrease in non-withheld income tax was driven mostly by a decrease in the number of payments received this May relative to May 2023. The decrease in corporate and business tax was due to an unfavorable increase in refunds. The decrease in ‘all other’ tax is mostly attributable to a decrease in estate tax, a category that tends to fluctuate.”

Historically, May is a mid-size month for collections, ranking seventh of 12 months in seven of the last 10 years. Net revenue collections in May are influenced by the individual tax filing season, which generates both inflows and refund outflows during the month. Estimated payments from individuals and businesses are not significant in May.

Details:

• Income tax collections for May totaled $1.395 billion, $123 million or 8.1% below benchmark, and $140 million or 9.1% less than May 2023.
• Withholding tax collections for May totaled $1.339 billion, $11 million or 0.9% above benchmark, but $42 million or 3.0% less than May 2023.
• Income tax estimated payments for May totaled $54 million, $24 million or 31.1% below benchmark, and $18 million or 25.1% less than May 2023.
• Income tax returns and bills for May totaled $165 million, $155 million or 48.5% below benchmark, and $118 million or 41.7% less than May 2023.
• Income tax cash refunds for May totaled $162 million in outflows, $45 million or 21.7% below benchmark, and $38 million or 19.1% less than May 2023.
• Sales and use tax collections for May totaled $790 million, $23 million or 2.8% below benchmark, and $30 million or 3.6% less than May 2023.
• Corporate and business tax collections for May totaled $50 million, $34 million or 40.6% below benchmark, and $33 million or 40.1% less than May 2023.
• “All other” tax collections for May totaled $213 million, $12 million or 5.5% below benchmark, and $58 million or 21.4% less than May 2023.

May 2024 Tax Collections Summary (in $ millions) Preliminary as of June 5, 2024

Footnotes

[1]

On January 12, 2024, the Secretary of Administration and Finance announced a revised tax revenue estimate of $39.834 billion for FY2024, which includes $1 billion for the 4% income surtax and a $576.8 million reduction in revenue resulting from the Tax Relief Bill. The revised FY2024 revenue benchmark represents July 2023 through December 2023 actual collections and forecasted collections for the months of January 2024 through June 2024.

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