Mass February Revenue Collections Exceed Benchmark by $59 Million

 

BOSTON — Preliminary revenue collections for February totaled $2.336 billion, an increase of $208 million, or 9.8 percent, compared to the same month in 2025, Department of Revenue Commissioner Geoffrey Snyder announced. 

 

The total was $59 million, or 2.6 percent, above the established monthly benchmark.

 

For the 2026 fiscal year to date, collections stand at approximately $26.305 billion. This is $817 million more than the same period in fiscal year 2025 and $589 million above the year-to-date benchmark.

 

Commissioner Snyder attributed the February growth to increases in withholding and non-withholding income tax. These gains were partially offset by declines in sales, corporate, and business taxes. Snyder noted that the rise in withholding was due to timing factors, while the non-withholding increase was driven by a decrease in refunds.

 

"The decrease in sales tax is due, in part, to typical timing factors in tax collections," Snyder said, adding that corporate tax declines resulted from lower estimated payments and higher refunds.

 

Historically, February is the lowest revenue-producing month for the Commonwealth, as neither individuals nor businesses are required to make estimated payments, and income tax refunds typically reach substantial levels.

 

Details:

 

Income tax collections for February totaled $1.412 billion, $127 million or 9.9 percent  above benchmark, and $285 million or 25.3percent  more than February 2025.

 

Withholding tax collections for February totaled $1.979 billion, $77 million or 4.0 percent  above benchmark, and $274 million or 16.0percent  more than February 2025.

 

Income tax estimated payments for February totaled $25 million, $1 million or 5.0 percent  below monthly benchmark, and $2 million or 9.1percent  less than February 2025.

 

Income tax returns and bills for February totaled $82 million, $1 million or 1.0 percent  below benchmark, and $6 million or 7.0percent  less than February 2025.

 

Income tax cash refunds for February totaled $674 million in outflows, $52 million or 7.2 percent  below benchmark, and $20 million or 2.8percent  less than February 2025.

 

Sales and use tax collections for February totaled $649 million, $37 million or 5.4 percent  below benchmark, and $33 million or 4.8percent  less than February 2025.

 

Corporate and business tax collections for February totaled $23 million, $38 million or 62.8 percent  below benchmark, and $41 million or 64.4percent  less than February 2025.

 

"All other" tax collections for February totaled $252 million, $8 million or 3.4percent  above benchmark, but $3 million or 1.2 percent  less than February 2025.