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Press Release October Revenue Collections Total $2.445 Billion

Monthly collections up $356 million or 17.0% vs. October 2020 actual; $197 million above benchmark
For immediate release:
11/03/2021
  • Massachusetts Department of Revenue

Media Contact for October Revenue Collections Total $2.445 Billion

Naysa Woomer

Boston, MA — Massachusetts Department of Revenue (DOR) Commissioner Geoffrey Snyder today announced that preliminary revenue collections for October 2021 totaled $2.445 billion, which is $356 million or 17.0% more than actual collections in October 2020, and $197 million or 8.7% more than benchmark.1

FY2022 year-to-date collections totaled approximately $11.197 billion, which is $1.858 billion or 19.9% more than collections in the same period of FY2021, and $723 million or 6.9% more than year-to-date benchmark.

“October 2021 revenue collections increased in all major tax types in comparison to October 2020 collections, including withholding, non-withholding, sales and use tax, corporate and business tax, and ‘all other tax’,” said Commissioner Snyder. “The increase in withholding is likely related to improvements in labor market conditions while the increase in non-withholding tax collections is due to an increase in income tax return payments. The sales and use tax increase reflects, in part, continued strength in retail sales and the easing of COVID-19 restrictions. The increase in “all other tax” is primarily attributable to estate tax, a category that tends to fluctuate.”

In general, October is among the lower 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 October.

Details:

  • Income tax collections for October were $1.329 billion, $115 million or 9.5% above benchmark, and $155 million or 13.2% more than October 2020.
  • Withholding tax collections for October totaled $1.187 billion, $52 million or 4.6% above benchmark, and $116 million or 10.9% more than October 2020.
  • Income tax estimated payments totaled $73 million for October, $13 million or 20.9% more than benchmark, and $12 million or 19.8% more than October 2020.
  • Income tax returns and bills totaled $184 million for October, $33 million or 21.5% more than benchmark, and $41 million or 28.5% more than October 2020.
  • Income tax cash refunds in October totaled $115 million in outflows, $17 million or 13% below benchmark, but $14 million or 14% more than October 2020.
  • Sales and use tax collections for October totaled $686 million, $59 million or 7.9% below benchmark, but $72 million or 11.8% more than October 2020.
  • Meals tax collections, a sub-set of sales and use tax, totaled $108 million, $37 million or 25.6% below benchmark, but $27 million or 33.8% more than October 2020.
  • Corporate and business tax collections for the month totaled $98 million, $31 million or 46.3% above benchmark, and $22 million or 29.2% more than October 2020.
  • “All other” tax collections for October totaled $332 million, $110 million or 49.5% above benchmark, and $106 million or 47.2% more than October 2020.

October 2021 Tax Collections Summary (in $ millions) Preliminary as of November 03, 2021

1 With the recent enactment of the FY2022 budget, monthly revenue benchmarks were developed for the August 2021 through June 2022 period only.

 

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Media Contact for October Revenue Collections Total $2.445 Billion

Massachusetts Department of Revenue  

DOR manages state taxes and child support. We also help cities and towns manage their finances, and administer the Underground Storage Tank Program. Similarly, our mission includes rulings and regulations, tax policy analysis, communications, and legislative affairs.
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