State November Revenue Collections Total $2.382 Billion
BOSTON — Massachusetts Department of Revenue (DOR) Commissioner Geoffrey Snyder today announced that preliminary revenue collections for November totaled $2.382 billion, $32 million or 1.3 percent less than actual collections in November 2021, but $221 million or 10.2 percent more than benchmark.
With the enactment of the FY2023 budget in late July, monthly revenue benchmarks were developed for the September 2022 through June 2023 period only.
FY2023 year-to-date collections totaled approximately $13.946 billion, which is $337 million or 2.5 percent more than collections in the same period of FY2022 and $749 million or 5.7 percent more than the year-to-date benchmark.
"November collections decreased in withholding income tax, non-withholding income tax, and 'all other tax' in comparison to November 2021" said Commissioner Snyder. "These decreases were partially offset by increases in sales and use tax and corporate and business tax. The decrease in withholding is mostly due to the timing of the receipt of withholding payments. In FY2022 certain withholding payments were received in November, whereas in FY2023, these payments were received in October."
In general, November is among the smaller months for revenue collection because neither individual nor business taxpayers make significant estimated payments during the month. Historically, roughly 6.5 percent of annual revenue, on average, has been received during November.
Details:
- Income tax collections for November totaled $1.292 billion, $157 million or 13.8 percent above benchmark, but $64 million or 4.7 percent less than November 2021.
- Withholding tax collections for November totaled $1.257 billion, $32 million or 2.5 percent below benchmark, and $60 million or 4.6 percent less than November 2021.
- Income tax estimated payments for November totaled $59 million, $10 million or 21.6 percent more than benchmark, and $18 million or 45.1 percent more than November 2021.
- Income tax returns and bills for November totaled $65 million, $8 million or 13.4 percent more than benchmark, and $3 million or 5.0 percent more than November 2021.
- Income tax cash refunds for November totaled $89 million in outflows, $171 million or 65.8 percent below benchmark, but $25 million or 39.0 percent more than November 2021.
- Sales and use tax collections for November totaled $780 million, $55 million or 7.6 percent above benchmark, and $9 million or 1.2 percent more than November 2021.
- Meals tax collections, a sub-set of sales and use tax, for November totaled $128 million, $19 million or 17.8 percent above benchmark, but $6 million or 4.3 percent less than November 2021.
- Corporate and business tax collections for November totaled $77 million, $32 million or 69.7 percent above benchmark, and $28 million or 56.1 percent more than November 2021.
- "All other tax" collections for November totaled $233 million, $23 million or 9.0 percent below benchmark, and $5 million or 2.1 percent less than November 2021.
