Friday, June 5, 2020
The Massachusetts Department of Revenue announced that preliminary revenue collections for May totaled $1.738 billion. This is $320 million, or 15.6%, less than the benchmark, and $262 million or 13.1% less than the actual collections in May 2019.
For the fiscal year-to-date through May, revenue collections totaled $24.782 billion, $1.726 billion or 6.5% less than the same fiscal year-to-date period in 2019, and $2.253 billion
The net figure for revenue collections in May is influenced by the individual tax filing season, which generates both inflows and refund outflows during the month. Individual tax returns continue to be received and processed in May, although in a volume well below the peak levels of March and April.
- DOR has received 20% fewer income tax returns through May 31st than the same period last year, which is mostly due to the 2019 return filing and payment date extension.
- Income tax collections for May were $1.123 billion, $31 million or 2.7% below benchmark, and $12 million less than May 2019.
- Withholding tax collections for May totaled $1.121 billion, $116 million or 11.5% above benchmark, and $140 million or 14.3% more than May 2019.
- Income tax estimated payments totaled $25 million for May, $1 million or 4.5% more than benchmark, but $0.2 million or 0.8% less than May 2019.
- Income tax returns and bills totaled $74 million for May, $135 million or 64.8% less than benchmark, and $137 million or 65.1% less than May 2019.
Posted by Bruce Tarr at 9:29 AM