Related to:
News

News 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.

Feedback

Did you find what you were looking for on this webpage? * required
We use your feedback to help us improve this site but we are not able to respond directly. Please do not include personal or contact information. If you need a response, please locate the contact information elsewhere on this page or in the footer.
We use your feedback to help us improve this site but we are not able to respond directly. Please do not include personal or contact information. If you need a response, please locate the contact information elsewhere on this page or in the footer.

If you need to report child abuse, any other kind of abuse, or need urgent assistance, please click here.

Tell us what you think