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News October Revenue Collections Total $1.450 Billion

11/03/2011
  • Massachusetts Department of Revenue

Thursday, November 3, 2011
Robert R. Bliss
blissr@dor.state.ma.us
(617) 626-2369

October revenues are $107 million more than a year ago and $12 million below revised benchmark

Revenue Commissioner Amy Pitter today announced that preliminary revenue collections for October 2011 totaled $1.450 billion, up $107 million or 8.0 percent, and were $12 million below the monthly benchmark which now reflects a revised FY12 revenue estimate of $21.010 billion. The FY12 estimate was revised upward by $395 million on October 17.

“October is a relatively small month because no quarterly estimated payments are due for individuals or corporations,” Pitter said, noting that income and sales tax collections grew a combined $105 million over the same period last year while corporate collections declined $5 million.

Income tax collections in October 2011 totaled $831 million, $92 million or 12.4 percent higher than a year ago and were $13 million below benchmark. Income withholding was $63 million or 8.5 percent higher than a year ago and was $41 million below benchmark, while refunds of $71 million were $12 million or 14.6 percent lower than a year ago and $14 million below benchmark.

Sales tax collections for October totaled $429 million, up $13 million or 3.1 percent from the same period a year ago and $8 million over benchmark.

Corporate/business tax collections of $44 million were $5 million or 11.1 percent lower than a year ago and were $16 million below benchmark.

Year-to-date, income tax collections of $3.607 billion are $300 million or 9.1 percent higher than a year ago and $13 million below benchmark.

Year-to-date sales tax collections of $1.704 billion are $15 million or 0.9 percent higher than a year ago and $8 million over benchmark.

Year-to-date corporate/business tax collections of $586 million are $57 million or 10.8 percent higher than a year ago and are $16 million under benchmark.

The total tax collection for the first four months of FY12 is $6.516 billion, up $420 million or 6.9 percent from a year ago and $12 million under benchmark.

FY2012 Year-to-Date Tax Revenue through October 31, 2011 

October 2011 Tax Collection Summary (preliminary as of November 3, 2011) 

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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