FEBRUARY 2000 REVENUES TOTAL
$865.3 MILLION
Revenue Commissioner Frederick A. Laskey
today announced that revenue collections for February 2000 totaled $865.3 million, up
$113.5 million or 15.1 percent from last February. Year-to-date revenue collection
totaled $9.59 billion, up $563.0 million or 6.2 percent above last year. Collections for
FY2000 are $10 million above the midpoint of the revenue estimate range, which is
based on the Administration & Finance annual estimate of $15,288 billion.
"Revenue collections continue to remain strong.
Income, withholding and sales tax collections all show solid growth from last year,"
said Laskey.
Income tax collections for February, which included an
extra deposit day, totaled $481.0 million, an increase of $83.8 million or 21.1 percent
when compared to February 1999. Withholding tax collections totaled
$696.8 million, up $102.7 million or 17.3 percent. Sales and use tax collections
totaled $263.3 million, up $33.6 million or 14.6 percent. Corporate collections totaled
$16.6 million, up $975,000 or 6.3 percent compared to last February.
Year-to-date income tax collections totaled $5.65
billion, up $375.9 million or 7.1 percent. Withholding collections totaled $4.94 billion,
up $400.3 million or 8.8 percent. Total sales and use tax collections totaled $2.35
billion, up $195.3 million or 9.1 percent. Corporate collections totaled $431.0 million,
up $13.9 million or 3.3 percent.
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JANUARY 2000 REVENUES TOTAL
$1.69 BILLION
Revenue Commissioner Frederick A. Laskey today
announced that revenue collections for January 2000 totaled $1.69 billion, up $117.3
million or 7.5 percent from last January. Year-to-date revenue collection totaled
$8.72 billion, up $446.1 million or 5.4 percent above last year. Collections for FY2000
are $85 million above the midpoint of the revenue estimate range, which is based on the
Administration & Finance annual estimate of $15.288 billion.
"We continue to see solid growth in major revenue
categories as we move into the latter half of the fiscal year. Income, withholding and
sales tax collections all continue to remain strong," said Laskey.
Income tax collections for January totaled $1.23
billion, an increase of $113.7 million or 10.2 percent when compared to January 1999.
Withholding tax collections totaled $683.0 million, up $64.7 million or 10.5 percent.
Sales and use tax collections totaled $337.3 million, up $21.1 million or 6.7 percent.
Corporate collections totaled $481,000, down $16.6 million compared to last January, as a
result of increased corporate refunds.
Year-to-date income tax collections totaled $5.17
billion, up $294.3 million or 6.0 percent. Withholding collections totaled $4.25 billion,
up $297.5 million or 7.5 percent. Total sales and use tax collections totaled $2.09
billion, up $161.2 million or 8.4 percent. Corporate collections totaled $411.8 million,
up $10.3 million or 2.6 percent.
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DECEMBER 1999 REVENUES TOTAL
$1.44 BILLION
Revenue Commissioner Frederick A. Laskey
today announced that revenue collections for December 1999 totaled $1.44 billion, up
$170.2 million or 13.4 percent from last December.
Year-to-date revenue collections totaled
$7.04 billion, up $330.4 million or 4.9 percent above last year. Collections for FY2000
are $289 million above the midpoint of the revenue estimate range.
"December revenues, driven by solid
sales tax and income tax collections, continue to point to a strong, healthy
economy," said Laskey.
Income tax collections for December
totaled $777.1 million, an increase of $75.9 million or 10.8 percent when compared to
December 1998. Withholding tax collections totaled $716.6 million, up $65.1 million or
10.0 percent. Sales and use tax collections totaled $289.4 million, up $16.3 million or
6.0 percent. Corporate collections totaled $176.3 million, up $42.1 million compared to
last December.
Year-to-date income tax collections
totaled $3.94 billion, up $177.1 million or 4.7 percent. Withholding collections totaled
$3.56 billion, up $230.4 million or 6.9 percent. Total sales and use tax collections
totaled $1.75 billion, up $138.9 million or 8.6 percent. Corporate collections totaled
$405.6 million, up $21.2 million or 5.5 percent.
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NOVEMBER 1999 REVENUES TOTAL
$1.04 BILLION
Revenue Commissioner Frederick A. Laskey
today announced that revenue collections for the month of November totaled $1.04 billion,
up $67.2 million or 6.9 percent from last November. Year-to-date revenue collections
totaled $5.59 billion, up $159 million or 2.9 percent above last year Collections
for FY2000 are $171 million above the midpoint of the revenue estimate range.
"November revenues, driven by strong
sales tax collections, reflect a healthy economy. Overall revenue collections remain
strong as we move into the holiday season," said Laskey.
Income tax collections for November
totaled $604.1 million, an increase of $1.0 million or 0.2 percent when compared to
November 1998. Withholding tax collections totaled $630.2 million, up $24.5 million or 4.0
percent. Sales and use tax collections totaled $291.9 million, up $41.4 million or 16.5
percent. Corporate collections totaled $24.9 million, up $21.4 million compared to last
November.
Year-to-date income tax collections
totaled $3.16 billion, up $100.6 million or 3.3 percent. Withholding collections totaled
$2.85 billion, up $165.1 million or 6.2 percent. Total sales and use
tax collections
totaled $1.46 billion, up $121.6 million or 9.1 percent. Corporate collections totaled
$229.2 million, down $20.9 million or 8.4 percent.
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OCTOBER 1999 REVENUES TOTAL
$1.04 BILLION
Revenue Commissioner Frederick A. Laskey
today announced that revenue collections for the month of October totaled $1.04 billion,
up $18.4 million or 1.8 percent from last October. Year-to-date revenue collections
totaled $4.55 billion, up $88.5 million or 2.0 percent above last year. Collections for
FY2000 are $135 million above the midpoint of the estimate range.
"Overall, revenue collections
continue to remain strong as we move into the second quarter of the fiscal year. Corporate
refunds outweighed collections this month due in part to quicker processing of refund
returns. In addition, October generally is a small month for corporate collections,"
said Laskey.
Income tax collections for October
totaled $648.0 million, an increase of $49.0 million or 8.2 percent when compared to
October 1998. Withholding tax collections totaled $554.6 million, up $50.9 million or 10.1
percent. Sales and use tax collections totaled $296.0 million, up $13.8 million or 4.9
percent. Corporate collections were down $49 million compared to last October. Corporate
collections reflect DOR's improved operations that resulted in refund returns being
processed sooner and refunds being issued quicker.
Year-to-date income tax collections
totaled $2.56 billion, up $98.4 million or 4.0 percent. Withholding collections totaled
$2.21 billion, up $140.3 million or 6.8 percent. Total sales and use tax collections
totaled $1.16 billion, up $76.8 million or 7.1 percent. Corporate collections totaled
$203.7 million, down $42.8 million or 17.4 percent.
The quarterly revenue benchmarks and
monthly target ranges, which are also being released, are based on the $14.850 billion
FY2000 tax estimate announced by Secretary Andrew Natsios on October 15, 1999.
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SEPTEMBER 1999 REVENUES TOTAL
$1.5 BILLION
Revenue Commissioner Frederick A. Laskey
today announced that revenue collections for the month of September totaled $1.52 billion,
up $3.3 million or 0.2 percent from last September. Year-to-date revenue collections
totaled $3.51 billion, up $67.8 million or 2.0 percent above last year. Collections for
FY2000 are $85 million above the midpoint of the estimate range.
"Overall revenue collections,
particularly income and sales taxes, continue to grow at a healthy rate, especially in
light of the large tax cuts that reduced personal income tax withholding and estimated
payments in September," said Laskey.
Income tax collections for September
totaled $785.9 million, a decrease of $2.0 million or 0.2 percent when compared to
September 1998. The small decrease is due to the phase in of several of the tax cuts.
Withholding tax collections totaled $536.6 million, up $30.3 million or 6.0 percent. Sales
and use tax collections totaled $275.4 million, up $29.5 million or 12.0 percent.
Corporate collections totaled $223.5 million, up $37.4 million, or 20.1 percent.
Year-to-date revenue collections totaled
$3.51 billion, up $67.8 million or 2.0 percent compared to last year at this time. Income
tax collections totaled $1.91 billion, up $49.1 million or 2.6 percent. Withholding
collections totaled $1.70 billion, up $89.1 million or 5.7 percent. Total sales and use
tax collections totaled $865.8 million, up $61.9 million or 7.7 percent. Corporate
collections totaled $244.4 million, up $6.0 million or 2.5 percent.
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AUGUST 1999 REVENUES TOTAL $1.05
BILLION
Revenue Commissioner Frederick A. Laskey
today announced that revenue collections for the month of August totaled $1.05 billion, up
$26.2 million or 2.6 percent from last August. Year-to-date revenue collections totaled
$1.98 billion, up $62.1 million or 3.2 percent above last year. Collections for FY2000 are
$32 million above the midpoint of the revenue estimate range.
"Overall revenue collections
continue to remain strong and slightly above the revenue estimate. Revenue from corporate
collections, however, has lagged for the past few months and is worth watching. September
collections will include quarterly payments from businesses and individuals and should
provide a better indication of corporate collection trends," said
Laskey.
Income tax collections for August totaled
$627.2 million, an increase of $22.9 million or 3.8 percent from August 1998. Withholding
tax collections totaled $609.6 million, up $26.3 million or 4.5 percent. Sales and use tax
collections totaled $286.8 million, up $12.5 million or 4.5 percent. Corporate collections
totaled $13.9 million, down $2.7 million or 16.1 percent.
Year-to-date revenue collections totaled
$1.982 billion, up $62.1 million or 3.2 percent compared to last year at this time. Income
tax collections totaled $1.12 billion, up $50.1 million or 4.7 percent. Withholding
collections totaled $1.12 billion, up $58.5 million and 5.5 percent. Total sales and use
tax collections totaled $588.9 million, up $30.8 million or 5.5 percent. Corporate
collections totaled $20.7 million, down $31.7 million or 60 percent, which can be
attributed to higher corporate refunds and adjustments to estimated payments.
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JULY 1999 REVENUES TOTAL $932.2
MILLION
Revenue Commissioner Frederick A. Laskey
today announced that revenue collections for the month of July totaled $932.2 million, up
3.6 percent from last July.
"Revenue collections in the major
tax categories including income, withholding and sales and use tax continue to remain
strong as we begin the new fiscal year," said Laskey.
Income tax collections for July totaled
$492.5 million, an increase of $26.6 million or 5.7 percent from July 1998. Withholding
tax collections totaled $513.0 million, up $31.9 million or 6.6 percent. Sales and use tax
collections totaled $300.5 million, up $16.8 million or 5.9 percent higher. Corporate
collections totaled $6.9 million, down $29.0 million or 80.8 percent.
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JUNE 1999 REVENUES TOTAL $1.547
BILLION
Fiscal Year 1999 preliminary revenue
totals record $14.28 billion, solid job growth reflected in strong economy.
Revenue Commissioner Frederick A. Laskey
announced today that preliminary revenues for FY99 were $14.28 billion, up $253.3 million
or 1.8 percent from FY98 reflecting a robust economy combined with a series of tax cuts.
"The fact that we closed fiscal year
1999 above the benchmark of $14.160 billion is significant and is evidence that the
economy in the Commonwealth continues to remain strong. The growth we experienced last
fiscal year was on top of one billion dollars in tax cuts which resulted in larger refunds
for taxpayers," said Commissioner Laskey.
DOR provides preliminary revenues for
FY99 as part of the process of closing the Commonwealth's books. The closing process uses
Generally Accepted Accounting Principles. Final revenue numbers will be available in
September.
Preliminary figures for FY99 show that
withholding tax revenue totaled $6.75 billion; an increase of $416.3 million or 6.6
percent over FY98 indicating solid wage growth. However, income tax revenue totaled $8.04
billion, up $4.63 million or only 0.1 percent mainly due to the fact that millions of
taxpayers benefitted from tax cuts that took the form of increased refunds. Sales and use
tax revenue totaled $3.27 billion, an increase of $307.3 million or 10.4 percent.
Corporate tax revenue totaled $1.01 billion, down $58.2 million, or 5.5 percent. Revenue
for the month of June totaled $1.547 billion, a decrease of $102.6 million or 6.2 percent
below June 1998. Income tax collections were $802.2 million, down $34.5 million or 4.1
percent, due to the increase in personal exemptions. Withholding tax collections totaled
$555.4 million, an increase of $12.3 million or 2.3 percent. Sales and use tax collections
totaled $294.1 million, up $5.3 million or 1.8 percent. Corporate tax collections were
$190.8 million, a decrease of $36.1 million or 15.9 percent.
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MAY 1999 REVENUES TOTAL $1.17
BILLION
Revenue Commissioner Frederick A. Laskey today announced that revenue
collections for the month of May totaled $1.17 billion, bringing year-to-date revenues to
$12.73 billion, $353.9 million higher than during the same period last year.
"As we head into the final month of the fiscal year we are
well-positioned to meet our revenue goals for fiscal year 1999. We continue to experience
the effects of a strong economy reflected in the income and sales taxes. We are also
seeing the impact of major tax cuts and higher refunds," said
Laskey.
Income tax collections for the month of May totaled $736.1 million,
down $143.4 million or 16.3 percent from May 1998. Withholding tax collections totaled
$559.1 million, up $711.0 million or 0. 1 percent. These figures reflect the recent tax
cuts signed into law last year that resulted in higher personal exemptions and bigger
refunds for taxpayers. Sales and use tax collections totaled $282.3 million, up $11.8
million or 4.4 percent. Corporate tax collections totaled $19.7 million, down $18.7
million or 48.7 percent
Year-to-date income tax collections total $7.23 billion, up $38.4
million or 0.5 percent. Withholding tax collections total $6.20 billion, up $403.4 million
or 7.0 percent. Sales and use tax collections total $2.97 billion, up $299.3 million or
11.2 percent. Corporate tax collections total $817.8 million, down $22.2 million or 2.6
percent.
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APRIL 1999 REVENUE TOTALS $1.3
BILLION
Revenue Commissioner Frederick A. Laskey
today announced that revenue for the month of April totaled $1.3 billion, bringing
year-to-date revenue to $11.55 billion, an increase of 4.3 percent. Due to tax cuts and
larger refunds in April, monthly collections were down $64.5 million or 43 percent
compared to April 1998. Revenue collections for the year are $286 million above the
midpoint of the revenue estimate range.
April was a good month for many taxpayers
as a record number of refunds were issued.
All major economic indicators such as
withholding and sales tax continue to grow and reflect a strong economy," said
Laskey.
Income tax collections for April totaled
$877.9 million, down $80.7 million due to increased refunds, or 8.4 percent lower than in
April 1998. Withholding collections totaled $506.6 million, up $39.8 million, an increase
of 8.5 percent. Sales and use tax collections totaled $268.6 million, up $26.4 million or
10.9 percent. Corporate tax collections totaled $47.0 million, down $2.3 million or 4.7
percent.
Year-to-date revenue totals $11.55
billion, up $474.0 million or 4.3 percent. Income tax collections total $6.49 billion, up
$173.1 million or 2.7 percent. Withholding tax collections total $5.63 billion, an
increase of $394.1 million or 7.5 percent. Sales and use tax collections total $2.69
billion, up $286.4 million or 11.9 percent. Corporate tax collections total $797.1
million, down $4.5 million or 0.6 percent.
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MARCH 1999 REVENUE TOTALED $1.22
BILLION
Massachusetts Department of Revenue (DOR)
Commissioner Frederick A. Laskey today announced that March collections totaled $1.22
billion, down $112.1 million from last March due to two factors -- larger taxpayer refunds
and a decrease in corporate excise collections. Revenue collections for the year are $230
million above the midpoint of the revenue estimate range.
"The economy continues to remain
strong and consumer spending is high as indicated by healthy sales tax figures this month.
Tax cuts have resulted in larger refunds this year and more taxpayers are getting
refunds," said Laskey.
DOR has issued over 510,000 refunds this
tax season totaling $515 million, which is $183 million more than last year at this time.
March 1999 income tax collections totaled
$336 million, down $803 million or 19.2 percent from last March. Withholding tax
collections totaled $576.3 million, an increase of $38.4 million or 7.1 percent. Sales and
use tax collections totaled $263.1 million, up $39.9 million or 17.9 percent higher.
Corporate income tax collections totaled $331.5 million, down $15.9 million or 4.6
percent.
Year-to-date revenue collections total
$10.25 billion, up $536.9 million or 5.5 percent. Income tax collections total $5.61
billion, up $253.2 million or 4.7 percent. Withholding tax collections total $5.12
billion, up $353.5 million or 7.4 percent. Sales and use tax collections total $2.42
billion, an increase of $257.7 million or 11.9 percent. Corporate tax collections total
$748.6 million, down slightly from last year to $3.7 million or .5 percent.
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FEBRUARY 1999 REVENUE TOTALED
$748.3 MILLION
Massachusetts Department of Revenue (DOR)
Commissioner Frederick A. Laskey today announced that February collections totaled $748.3
million, slightly down from last February due to larger taxpayer refunds this year.
Year-to-date revenue collection increased $47 million against the revenue estimate
benchmark, which was adjusted last month to reflect the expected impact of the tax cuts.
The result is that revenue collections for the year are $274 million above the midpoint of
the revenue estimate range.
"Overall, the economy remains strong
as we begin to see the expected revenue impact of the tax cuts. In addition, due to the
increased personal tax exemptions, we are also seeing larger taxpayer refunds. We are
working hard at getting these larger refunds out-the-door and in to the hands of
taxpayers," said Laskey.
DOR has issued over 575,000 refunds this
tax season totaling $258 million, which is $90 million more than last year at this time.
February 1999 income tax collections
totaled $396.1 million, down $56.4 million or 12.5 percent from last February. Withholding
tax collections totaled $593.2 million, an increase of $16.4 million or 2.8 percent. Sales
and use tax collections totaled $229.1 million, $1.80 million or .8 percent higher.
Corporate income tax collections totaled $15.6 million, down $13.8 million or 46.9
percent.
Year-to-date revenue collections total
$9.02 billion, up $645.6 million or 7.7 percent. Income tax collections total $5.27
billion, up $332.2 billion or 6.7 percent. Withholding tax collections total $4.54
billion, up $314.2 million or 7.4 percent. Sales and use tax collections total $2.16
billion, an increase of $217.2 million or 11.2 percent. Corporate tax collections total
$417.2 million, up $12.2 million or 3.0 percent.
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JANUARY 1999 REVENUES TOTAL
$1.57 BILLION
Acting Revenue Commissioner Bernard F.
Crowley, Jr. today announced that revenues for the month of January totaled $1.57 billion,
an increase of 10.1 percent over January 1998. January collections bring year-do-date
revenues to $8.28 billion, up 9.1 percent.
"January is a significant month for
tax collections and we can see that performance is strong across the board. We are also
issuing larger refunds during this tax filing season and we are seeing adjustments being
made in withholding tax payments because of tax cuts passed last year which raised
personal exemptions," Crowley said.
Income tax collections in January totaled
$1.12 billion, up $48.9 million or 4.6 percent over January 1998. Withholding tax
collections totaled $617.9 million, an increase of $29.8 million or 5.1 percent. Corporate
tax collections totaled $17.0 million, down $12.0 million or 41.4 percent. Sales and use
tax collections totaled $315.4 million, up $118.3 million or 60.0 percent. This increase
is largely due to the change made one year ago in the frequency in which businesses report
sales and use tax. Adjusting for the change, sales and use tax growth is between 10 and 15
percent.
Year-to-date income tax collections total
$4.88 billion, up $387.8 million or 8.6 percent. Withholding tax collections total $3.95
billion, an increase of $297.3 million or 8.1 percent. Sales and use tax collections total
$1.93 billion, up $214.6 million or 12.5 percent. Corporate tax collections total $401.4
million, up $25.9 million or 6.9 percent.
The benchmark estimates for fiscal year
1999 have also been revised to reflect the $14.0 billion fiscal year 1999 forecast in
House I which was released last week.
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