Related to:
News

News May Revenues Recover from April Shortfall and Exceed Monthly Benchmark

6/01/2007
  • Massachusetts Department of Revenue

Friday, June 1, 2007
Robert R. Bliss - blissr@dor.state.ma.us
617 626-2369

Revenue Commissioner Alan LeBovidge today announced revenue collections for May totaled $1.536 billion, an increase of $161 million or 11.7 percent from last May and $189 million above the May benchmark corresponding to the January 30, 2007 Consensus Fiscal 2007 estimate of $19.3 billion. Year-to-date tax collections are $17.442 billion, an increase of $991 million or 6 percent over the same period last year and $243 million above the year-to-date benchmark.

Income tax collections for May totaled $1.019 billion, an increase of $176 million or 20.8 percent from last May and $214 million over the monthly benchmark. Within that category, withholding tax collections totaled $661 million, an increase of $6 million or 1 percent. Sales and use tax collections were $334 million, an increase of $6 million or 1.7 percent. Corporate and business tax collections were $39 million, down $14 million or 26.8 percent.

"It appears that in this case, April's heavy rainstorms and the resultant extension of the tax filing deadline to April 26 did indeed produce a flowering of tax revenue in May," LeBovidge said. "While sales tax revenue was $4 million under the May benchmark, continuing a yearlong trend, the overall revenue increase reflects strong returns from collections on non-wage income such as interest, dividends, capital gains, and unincorporated business income, as well as $39 million less than projected in income tax refunds for the month."

Year-to-date income tax collections totaled $10.180 billion, an increase of $745 million or 7.9 percent. Income tax withholding for the first 11 months of Fiscal 2007 totaled $7.884 billion, up $429 million or 5.8 percent. Total sales and use collections were $3.714 billion, an increase of $53 million or 1.4 percent. Corporate and business tax collections for the first 11 months of Fiscal 2007 totaled $1.943 billion, an increase of $157 million or 8.8 percent.

FY2007 Year-to-Date Revenue Through May 31, 2007 

May 2007 Tax Collection Summary (Preliminary as of June 1, 2007) 

Massachusetts Department of Revenue  

The Massachusetts Department of Revenue manages state taxes and child support. We also help cities and towns manage their finances.

Feedback

Did you find the information you were looking for on this page? * required
We use your feedback to help us improve this site but we are not able to respond directly. Please do not include personal or contact information. If you need a response, please locate contact information elsewhere on this page or in the footer.
Tell us what you think