- Massachusetts Department of Revenue
November 1, 2002
Tim Connolly
(617) 626-2369
Revenue Commissioner Alan LeBovidge today announced preliminary revenue collections for October totaled $932 million, a decrease of $37 million or 3.8 percent compared to last October.
Receipts for the month are $3 million above the revised benchmark corresponding to the governor's revised revenue estimate of $15.145 billion. Year-to-date collections are $4.567 billion, a decrease of $66 million or 1.4 percent compared to the same period last year.
"Collections hit the new benchmark, but if the governor had not revised the fiscal '03 revenue estimate downward, revenues for the month would have been $82 million below the benchmark," LeBovidge said. "It should be noted that payments under the tax amnesty program provided a one-time boost of $22 million, $7 million more than estimated."
Income tax collections for October total $533 million, a decrease of $107 million or 16.7 percent from last October. Withholding tax collections total $534 million, a decrease of $66 million or 11.0 percent. Sales and use tax collections are $321 million, down $27 million or 7.8 percent. Corporate tax collections total negative $53 million, up $61 million from last October.
Year-to-date income tax collections total $2.460 billion, a decrease of $212 million or 7.9 percent compared to the same period last year. Income tax withholding collections for the first four months of fiscal 2003 are $2.220 billion, down $122 million or 5.2 percent. Total sales and use tax collections are $1.277 billion, a decrease of $2.6 million or 0.2 percent. Year-to-date corporate tax collections are $104 million, up $61 million or 143 percent.
Monthly Revenue Report (PDF) (through October 31, 2002)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.
