State February Revenue Collections Over $2 Billion
BOSTON, Mass. — Massachusetts Department of Revenue (DOR) Commissioner Geoffrey Snyder today announced that preliminary revenue collections for February totaled $2.007 billion, $27 million or 1.3 percent more than actual collections in February 2023, but $11 million or 0.6 percent below benchmark.
FY2024 year-to-date collections totaled approximately $23.467 billion, which is $186 million or 0.8 percent less than collections in the same period of FY2023, and $275 million or 1.2 percent less than the year-to-date benchmark.
"February collections increased in income tax withholding and corporate and business tax in comparison to February 2023," said Commissioner Snyder. "These increases were partially offset by decreases in non-withheld income tax, and 'all other' tax. The increase in withholding was due, in part, to payments related to mergers and acquisition activities. The increase in corporate and business tax was due to an increase in corporate estimated and return payments. The decrease in non-withheld income tax was driven by an unfavorable increase in income tax refunds. The decrease in ‘all other' tax is mostly attributable to a decrease in estate tax, a category that tends to fluctuate, but was partially offset by an increase in division of insurance tax."
February has historically been the lowest month for revenue, contributing, on average, less than 6 percent of annual collections. Neither individual nor business taxpayers are required to make estimated payments during the month. February is also the month in which refunds reach substantial levels as the income tax filing season begins.
