Press Release  November Revenue Collections Total $2.382 Billion

Boston, MA — Massachusetts Department of Revenue (DOR) Commissioner Geoffrey Snyder today announced that preliminary revenue collections for November totaled $2.382 billion, $32 million or 1.3% less than actual collections in November 2021, but $221 million or 10.2% more than benchmark.[1]

FY2023 year-to-date collections totaled approximately $13.946 billion, which is $337 million or 2.5% more than collections in the same period of FY2022 and $749 million or 5.7% more than the year-to-date benchmark.

“November collections decreased in withholding income tax, non-withholding income tax, and ‘all other tax’ in comparison to November 2021” said Commissioner Snyder. “These decreases were partially offset by increases in sales and use tax and corporate and business tax. The decrease in withholding is mostly due to the timing of the receipt of withholding payments. In FY2022 certain withholding payments were received in November, whereas in FY2023, these payments were received in October.”

In general, November is among the smaller months for revenue collection because neither individual nor business taxpayers make significant estimated payments during the month. Historically, roughly 6.5% of annual revenue, on average, has been received during November.

Details:

• Income tax collections for November totaled $1.292 billion, $157 million or 13.8% above benchmark, but $64 million or 4.7% less than November 2021.
• Withholding tax collections for November totaled $1.257 billion, $32 million or 2.5% below benchmark, and $60 million or 4.6% less than November 2021.
• Income tax estimated payments for November totaled $59 million, $10 million or 21.6% more than benchmark, and $18 million or 45.1% more than November 2021.
• Income tax returns and bills for November totaled $65 million, $8 million or 13.4% more than benchmark, and $3 million or 5.0% more than November 2021.
• Income tax cash refunds for November totaled $89 million in outflows, $171 million or 65.8% below benchmark, but $25 million or 39.0% more than November 2021.
• Sales and use tax collections for November totaled $780 million, $55 million or 7.6% above benchmark, and $9 million or 1.2% more than November 2021.
• Meals tax collections, a sub-set of sales and use tax, for November totaled $128 million, $19 million or 17.8% above benchmark, but $6 million or 4.3% less than November 2021.
• Corporate and business tax collections for November totaled $77 million, $32 million or 69.7% above benchmark, and $28 million or 56.1% more than November 2021.
• “All other tax” collections for November totaled $233 million, $23 million or 9.0% below benchmark, and $5 million or 2.1% less than November 2021.

November 2022 Tax Collections Summary (in $ millions) Preliminary as of December 5, 2022

Footnotes

[1]

With the enactment of the FY2023 budget in late July, monthly revenue benchmarks were developed for the September 2022 through June 2023 period only.

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