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News  August Revenue Collections Total $1.737 Billion

Revenue collections are $42 million below August monthly benchmark, $36 million below year-to-date benchmark
9/06/2016
  • Massachusetts Department of Revenue

Nicole St. Peter Mac Dermott
(617) 626-2805
stpetermacdn@dor.state.ma.us

(Boston, MA) – Massachusetts Department of Revenue Commissioner Michael J. Heffernan today announced that preliminary revenue collections for August totaled $1.737 billion, which is $9 million or 0.5% more than August 2015.

“Total revenues are above the same period last year, but the rate of growth is lower than the projected benchmark,” said Heffernan. “Collections in August reflect a continuation of adverse trends from recent months, including relatively lower-than-expected growth in sales and income-related payments. While most economic data and independent researchers remain generally positive about the Massachusetts economy, we will continue to closely monitor our revenue collections.”

  • August 2016 revenues of $1.737 billion were $9 million more than August 2015, and $42 million or 2.4% below the monthly benchmark 
  • Income tax collections were $19 million below the monthly benchmark 
  • Withholding collections were $11 million below the monthly benchmark 
  • Corporate and business taxes were $3 million above the monthly benchmark 
  • Sales and use tax collections were $24 million below the monthly benchmark 
  • For the first two months of the Fiscal Year, July and August, total revenues are 1.3% greater than the same period last year, and $36 million or 1.0% below benchmark

August is one of the smaller tax collection months with no quarterly estimated payments due for most individuals and businesses.

  • Income tax collections for August were $982 million, which is $10 million or 1.1% more than a year ago and $19 million below the monthly benchmark. 
  • Withholding collections for August totaled $966 million, up $19 million or 2.0% from last August and $11 million below the monthly benchmark. 
  • Income tax payments with returns or tax bills for August totaled $38 million, up $5 million or 14.2% over last August and $8 million above the monthly benchmark. 
  • Income tax estimated payments totaled $25 million for August, $3 million or 16.2% more than a year ago and $2 million above the monthly benchmark. 
  •  Income cash refunds in August totaled $47 million in outflows, which is an unfavorable $17 million greater than both the prior year actual and the benchmark. 
  • Corporate and business tax collections for the month totaled $38 million, down $11 million or 23% from last August and $3 million above the monthly benchmark. 
  • Sales and use tax collections for August totaled $521 million, an increase of $12 million or 2.3% from last August and $24 million below the monthly benchmark. 
  • Other tax collections for August totaled $197 million, which is approximately equal to both the prior year actual and the benchmark for the month.

August 2016 Tax Collection Summary (in $ millions) Preliminary as of September 6, 2016

  • 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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