Press Release: 6/5/2025

May Revenue Collections Total $2.629 Billion

BOSTON, MA) — Massachusetts Department of Revenue (DOR) Commissioner Geoffrey Snyder today announced that preliminary revenue collections for May totaled $2.629 billion, $183 million or 7.5% more than actual collections in May 2024, and $139 million or 5.6% above benchmark.[1]  



FY2025 year-to-date collections totaled approximately $39.148 billion [2], which is $2.843 billion or 7.8% more than actual collections in the same period of FY2024, and $2.040 billion or 5.5% above the year-to-date benchmark. A significant portion of the FY25 year-to-date above benchmark performance is likely driven by surtax [3] and capital gains tax collections.

 



“May revenue included increases relative to May 2024 collections in withholding, non-withholding income taxes, corporate and business tax, and ‘all other tax’,” said Commissioner Snyder. “These increases were partially offset by a decrease in sales and use tax. The increase in withholding reflects current labor market conditions and some one-time events. The increase in non-withholding income tax reflects increases in income estimated payments and payments with returns and bills, partially offset by an increase in income tax refunds. The increase in corporate and business tax is primarily due to lower corporate refunds. The increase in ‘all other’ tax is mostly attributable to an increase in estate tax, a category that tends to fluctuate, and an increase in room occupancy tax.



On May 20, 2025, DOR certified that the preliminary estimate of surtax revenue collected in the period between July 2024 and April 2025 was $2.598 billion [4]. DOR is expected to certify the preliminary estimate of capital gains tax revenue collected for the period between July 2024 and April 2025 on or around June 15, 2025 [5].

 



May has historically been a mid-size month for collections, ranking seventh of 12 months in six of the last 10 years. Net revenue collections in May are influenced by the individual tax filing season, which generates both inflows and refund outflows during the month. Estimated payments from individuals and businesses are not significant in May.



Details:

 




  • Income tax collections for May totaled $1.548 billion, $155 million or 11.1% above benchmark, and $151 million or 10.8% more than May 2024.

  • Withholding tax collections for May totaled $1.482 billion, $113 million or 8.3% above benchmark, and $144 million or 10.8% more than May 2024.

  • Income tax estimated payments for May totaled $69 million, $17 million or 32.7% above benchmark, and $15 million or 28.0% more than May 2024.

  • Income tax returns and bills for May totaled $209 million, $72 million or 52.6% above benchmark, and $41 million or 24.1% more than May 2024.

  • Income tax cash refunds for May totaled $211 million in outflows, $47 million or 28.5% above benchmark, and $49 million or 30.3% more than May 2024.

  • Sales and use tax collections for May totaled $781 million, $37 million or 4.6% below benchmark, and $9 million or 1.1% less than May 2024. 

  • Corporate and business tax collections for May totaled $69 million, $1 million or 2.0% above benchmark, and $18 million or 34.8% more than May 2024. 

  • “All other” tax collections for May totaled $231 million, $20 million or 9.5% above benchmark, and $23 million or 11.0% more than May 2024.



May 2025 Tax Collections Summary (in $ millions) Preliminary as of June 04, 2025(PDF)



Footnotes



[1]



FY2025 monthly revenue benchmarks are posted on the DOR website:https://www.mass.gov/lists/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.



[3]



On December 6, 2024, DOR certified the amount of revenue estimated to have been collected from the additional 4% income tax (i.e., surtax) was $2.460 billion in fiscal year 2024. In comparison, the full fiscal year 2025 budgeted surtax benchmark equals $1.300 billion, which is well below the fiscal year 2024 level.



[4]



https://www.mass.gov/lists/massachusetts-dor-certification-of-surtax-and-capital-gains-tax. The preliminary estimate of revenue from the additional 4% income tax (i.e., surtax) for the period between July 2024 and April 2025 is subject to revision as DOR analyzes more tax data.



[5]



https://www.mass.gov/lists/massachusetts-dor-certification-of-surtax-and-capital-gains-tax. The preliminary estimate of capital gains tax for the period between July 2024 and January 2025 is subject to revision as DOR analyzes more tax data.