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September Revenue Collections Total $2.840 Billion

Revenue collections are $135 million above monthly benchmark, $124 million above year-to-date benchmark
10/04/2017
  • Massachusetts Department of Revenue

Nathalie Dailida
(617) 626-2175
dailidan@dor.state.ma.us

(Boston, MA) – Massachusetts Department of Revenue Commissioner Christopher C. Harding today announced that preliminary revenue collections for September totaled $2.840 billion, which is $135 million or 5.0% above the monthly benchmark, and $97 million or 3.5% more than the actual collections in September 2016.

For the fiscal year-to-date through September, revenue collections totaled $6.349 billion, $124 million or 2.0% more than the year-to-date benchmark and $164 million or 2.6% more than the same fiscal year-to-date period in 2016.

“Revenues for September exceeded the monthly benchmark, mainly driven by withholding.  As a result, year-to-date revenues are now modestly above benchmark," said Commissioner Harding.  "The Department has identified some one-time revenue events that helped to improve September, beyond which we see modest growth across most other tax categories in line with expectations.  With just under one-quarter of FY18 revenues collected, the actual results are closely aligned with our forecast.”

  • September 2017 revenues of $2.840 billion were $135 million above benchmark
  • Income tax collections were $104 million above the monthly benchmark  
  • Withholding collections were $134 million above the monthly benchmark  
  • Sales and use tax collections were $12 million above the monthly benchmark
  • Corporate and business taxes were $16 million above the monthly benchmark
  • For the fiscal year-to-date period, revenues of $6.349 billion are $124 million or 2.0% above benchmark and $164 million or 2.6% above the prior year figure.

September is a significant month for revenues because many individuals and corporations are required to make estimated payments, usually producing about 10% of annual revenue and making September the fourth-largest revenue month of the year.

  • Income tax collections for September were $1.594 billion, which is $104 million or 7.0% above benchmark and $90 million or 6.0% above last year. 
  • Withholding collections for September totaled $1.083 billion, $134 million or 14.2% above benchmark and $114 million or 11.8% more than 2016.
  • Income tax estimated payments totaled $516 million for September, $17 million or 3.2% less than benchmark and $10 million or 2.0% below September 2016.
  • Income cash refunds in September totaled $47 million in outflows, $17 million greater than benchmark and also $17 million greater than prior year.  
  • Sales and use tax collections for September totaled $540 million, which is $12 million or 2.4% more than benchmark and $14 million or 2.6% more than September 2016.
  • Corporate and business tax collections for the month totaled $503 million, $16 million or 3.3% above benchmark and $9 million or 1.8% below last September.
  • Other tax collections for September totaled $204 million, which is $2 million or 1.2% more than both the benchmark and the month of September 2016.

September 2017 Tax Collection Summary (in $ millions) Preliminary as of October 4, 2017

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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