Press Release: 2024-12-05

November Revenue Collections Total $2.438 Billion

 



Monthly collections up $190 million or 8.4% vs. November 2023 actual; $56 million above benchmark



FOR IMMEDIATE RELEASE:



12/04/2024



MEDIA CONTACT



Nathalie Dailida



 Phone



Call Nathalie Dailida at (617) 626-2175



 Online



Email Nathalie Dailida at dailidan@dor.state.ma.us



BOSTON, MA — Massachusetts Department of Revenue (DOR) Commissioner Geoffrey Snyder today announced that preliminary revenue collections for November totaled $2.438 billion, $190 million or 8.4% more than actual collections in November 2023, and $56 million or 2.4% above benchmark.[1]



FY2025 year-to-date collections totaled approximately $14.898 billion[2], which is $805 million or 5.7% more than actual collections in the same period of FY2024, but $124 million or 0.8% below the year-to-date benchmark. 



“November revenue included increases relative to November 2023 collections in withholding, non-withheld income tax, and ‘all other tax’,” said Commissioner Snyder. “These increases were partially offset by a decrease in corporate and business tax. The increase in withholding reflects a likely increase in surtax revenue and current labor market conditions. The increase in non-withholding income tax is due, in part, to a likely increase in surtax revenue and the impact of the tax amnesty program. The increase in ‘all other tax’ is due to an increase in estate tax, a category that tends to fluctuate. The decrease in corporate and business tax is the result of higher corporate refunds and lower return payments.”



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 6.4% of annual revenue, on average, has been received during November. 



Given the brief period covered in the report, November results should not be used as a predictor for the rest of the fiscal year.



Details:




  • Income tax collections for November totaled $1.492 billion, $131 million or 9.7% above benchmark, and $240 million or 19.2% more than November 2023.

  • Withholding tax collections for November totaled $1.567 billion, $128 million or 8.9% above benchmark, and $199 million or 14.6% more than November 2023.

  • Income tax estimated payments for November totaled $71 million, $27 million or 62.7% above benchmark, and $27 million or 62.2% more than November 2023.

  • Income tax returns and bills for November totaled $71 million, $30 million or 30.1% below benchmark, and $3 million or 3.8% less than November 2023.

  • Income tax cash refunds for November totaled $217 million in outflows, $7 million or 3.1% below benchmark, and $17 million or 7.3% less than November 2023.

  • Sales and use tax collections for November totaled $763 million, $2 million or 0.2% above benchmark, but $4 million or 0.6% less than November 2023.

  • Corporate and business tax collections for November totaled -$42 million, $121 million below benchmark, and $98 million less than November 2023.

  • “All other” tax collections for November totaled $226 million, $45 million or 24.8% above benchmark, and $52 million or 29.9% more than November 2023.



November 2024 Tax Collections Summary (in $ millions) Preliminary as of December 4, 2024 (PDF)



Footnotes



[1]



FY2025 monthly revenue benchmarks are posted on the DOR website: DOR Year-to-Date and Monthly Tax Collection Benchmark Ranges.



[2]



Excludes $58 million in year-to-date revenue reclassified as settlement and judgment payments.