Press Release: 8/11/2025

Fiscal Year 2025 Revenue Collections Totaled $43.708 Billion

 



FY 2025 revenue collections were 7.1% more than FY 2024 collections and 5.1% above the annual benchmark. June 2025 collections totaled $4.562 billion, $67 million more than June 2024 actual collections and $63 million above the June 2025 benchmark.



FOR IMMEDIATE RELEASE:



8/08/2025



MEDIA CONTACT



Nathalie Dailida



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Call Nathalie Dailida at (617) 626-2175



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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 June totaled $4.562 billion, $67 million or 1.5% more than actual collections in June 2024, and $63 million or 1.4% above benchmark.[1]  



Revenue collections for fiscal year 2025 totaled approximately $43.708 billion,[2] which is $2.908 billion or 7.1% more than actual collections in the same period of FY2024, and $2.101 billion or 5.1% above the year-to-date benchmark. “The increase in fiscal year 2025 revenue collections in comparison to fiscal year 2024 is mostly driven by the surtax[3], capital gains tax, sales and use tax, and ‘all other’ tax. These increases were partially offset by a decrease in corporate and business tax. The increase in sales and use tax was primarily driven by an increase in regular sales tax, reflecting, in part, higher collections from firms in the retail trade, professional, technical, and scientific services, and information industries. The increase in ‘all other’ tax is mostly attributable to estate tax, a category that tends to fluctuate. The decrease in corporate and business taxes was mostly due to a decrease in estimated payments, partially offset by an increase in return payments and a decrease in refunds.”



On July 21, 2025, DOR certified that the preliminary estimate of surtax revenue collected in fiscal year 2025 was $2.987 billion[4]. On the same day, DOR also certified that the preliminary estimate of capital gains tax revenue collected in fiscal year 2025 was $2.439 billion[5]. FY2025 actual collections excluding the combined impact of surtax revenue and capital gains tax revenue totaled $38.282 billion, which is $52M or 0.1% above the FY2025 benchmark excluding both surtax and capital gains tax.



June is a significant month for revenues because many individuals and corporations are required to make estimated payments in June. Historically, roughly 11.2% of annual revenue, on average, has been received during June, making it the second or third largest revenue month of the year.



Details:




  • Income tax collections for June totaled $2.605 billion, $45 million or 1.8% above benchmark, and $41 million or 1.6% more than June 2024.

  • Withholding tax collections for June totaled $1.583 billion, $57 million or 3.5% below benchmark, and $30 million or 1.9% less than June 2024.

  • Income tax estimated payments for June totaled $1.021 billion, $111 million or 12.3% above benchmark, and $101 million or 11.0% more than June 2024.

  • Income tax returns and bills for June totaled $120 million, $27 million or 28.6% above benchmark, and $5 million or 4.6% more than June 2024.

  • Income tax refunds (outflows) for June totaled $120 million, $35 million or 42.0% above benchmark, and $36 million or 42.4% more than June 2024.

  • Sales and use tax collections for June totaled $862 million, $6 million or 0.8% above benchmark, and $77 million or 9.8% more than June 2024.

  • Corporate and business tax collections for June totaled $851 million, $6 million or 0.8% below benchmark, and $28 million or 3.1% less than June 2024.

  • “All other” tax collections for June totaled $244 million, $17 million or 7.6% above benchmark, but $23 million or 8.5% less than June 2024.



Preliminary Fiscal Year 2025 Revenue Collections:




  • Income tax totaled $26.711 billion, $2.424 billion or 10.0% above benchmark, and $2.595 billion or 10.8% more than fiscal year 2024.

  • Withholding collections totaled $19.058 billion, $329 million or 1.8% above benchmark, and $1.091 billion or 6.1% more than fiscal year 2024.

  • Estimated payments totaled $4.762 billion, $821 million or 20.8% above benchmark, and $842 million or 21.5% more than fiscal year 2024.

  • Income tax payments with returns and bills totaled $5.771 billion, $1.404 billion or 32.2% above benchmark, and $766 million or 15.3% more than fiscal year 2024.

  • Income tax refunds (outflows) totaled $2.879 billion, $130 million or 4.7% above benchmark, and $105 million or 3.8% more than fiscal year 2024.

  • Sales and use tax collections totaled $9.613 billion, $216 million or 2.2% below benchmark, but $290 million or 3.1% more than fiscal year 2024.

  • Corporate and business tax collections totaled $4.662 billion, $355 million or 7.1% below benchmark, and $171 million or 3.5% less than fiscal year 2024.

  • “All other” tax collections totaled $2.722 billion, $248 million or 10.0% above benchmark, and $194 million or 7.7% more than fiscal year 2024.



June 2025 Tax Collections Summary (in $ millions) Preliminary as of August 08, 2025 (PDF)



Footnotes



[1]



FY2025 monthly revenue benchmarks are posted on the DOR website.



[2]



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



[3]



On July 21, 2025, DOR certified that the amount of revenue estimated to have been collected from the additional 4% income tax (i.e., surtax) was $2.987 billion in fiscal year 2025. In comparison, the full fiscal year 2025 budgeted surtax benchmark equals $1.300 billion, which is well below fiscal year 2024 surtax collections.



[4]



The preliminary estimate of fiscal year 2025 revenue from the surtax is subject to revision as DOR continues to analyze tax data. Any revisions will be reflected in the December 2025 final report of fiscal year 2025 tax revenue from the surtax.



[5]



The preliminary estimate of fiscal year 2025 capital gains tax revenue is subject to revision as DOR continues to analyze tax data. Any revisions will be reflected in the November 2025 final report of fiscal year 2025 tax revenue from capital gains income.