Boston — Massachusetts Department of Revenue (DOR) Commissioner Christopher C. Harding today announced that preliminary revenue collections for June totaled $3.159 billion, which is $461 million or 17.1% more than the actual collections in June 2017 and $257 million or 8.9% above the June benchmark.
For Fiscal Year 2018 that ended in June, revenue collections were $27.796 billion, $1.135 billion or 4.3% above benchmark*. This is an increase of $2.192 billion or 8.6% over the actual amount collected in Fiscal Year 2017.
Based on the Period 3 certification letter issued by DOR on June 28, 2018, the Comptroller has already transferred $322 million to the Commonwealth Stabilization Fund. Therefore, today’s certification letter requires an additional transfer of approximately $192 million to the Stabilization Fund.
June 2018 revenues of $3.159 billion were $461 million or 17.1% more than last June, and $257 million above benchmark.
Income tax collections were $170 million or 11.9% ahead of last June, and $85 million above benchmark.
Sales and use tax collections were $28 million or 4.9% ahead of last June, but $100 million below benchmark**.
Corporate and business taxes were $208 million more than last June, and $237 million above benchmark.
Other taxes, which include motor fuels, cigarette, estate, and other categories, were $54 million or 24.7% ahead of last June, and $35 million above benchmark.
For Fiscal Year 2018, revenues of $27.796 billion were $2.192 billion or 8.6% ahead of the prior year figure, and were $1.135 billion or 4.3% above the full year benchmark.
Income tax collections for June were $1.591 billion, $85 million or 5.6% above benchmark, and $170 million or 11.9% above June 2017.
Withholding collections for June totaled $1.095 billion, $45 million or 4.3% above benchmark and $99 million or 9.9% more than June 2017.
Income tax estimated payments totaled $541 million for June, $54 million or 11.0% more than benchmark and $70 million or 14.9% above June 2017.
Income tax returns and bills totaled $56 million for June, $5 million or 7.6% less than benchmark, and $15 million or 20.9% below June 2017.
Income tax refunds in June totaled $100 million in outflows, $10 million more than benchmark, and $15 million less than June 2017.
Corporate and business tax collections for the month totaled $692 million, up $208 million from June 2017, and $237 million above benchmark.
Other tax collections for June totaled $274 million, which is $35 million or 14.4% more than benchmark and $54 million or 24.7% more than June 2017.
Income tax collections of $16.240 billion were $767 million or 5.0% above benchmark, and $1.556 billion or 10.6% more than Fiscal Year 2017.
Withholding collections totaled $12.732 billion, $79 million or 0.6% above benchmark and $763 million or 6.4% more than Fiscal Year 2017.
Income tax payments with returns and bills totaled $2.146 billion, $179 million or 9.1% above benchmark and $205 million or 10.5% more than Fiscal Year 2017.
Estimated payments of $3.141 billion were $711 million or 29.3% above benchmark and $765 million or 32.2% more than Fiscal Year 2017.
Sales and use tax collections of $6.454 billion were $19 million or 0.3% below benchmark** and $243 million or 3.9% greater than Fiscal Year 2017.
Breaking down sales and use tax collections for fiscal year 2018: Regular Sales were $4.433 billion, $13 million or 0.3% below benchmark**. Meals collections were $1.154 billion, $27 million or 2.3% below benchmark**. Motor vehicles collections were $866 million, $22 million or 2.6% above benchmark.
Income tax refunds were $1.779 billion, $203 million or 12.9% above the benchmark (unfavorable), and $176 million or 11.0% more than Fiscal Year 2017.
Corporate and business tax collections totaled $2.772 billion, $298 million or 12.0% above benchmark, and $275 million or 11.0% more than Fiscal Year 2017.
Other taxes are $2.330 billion, $89 million or 4.0% above benchmark and $118 million or 5.3% more than Fiscal Year 2017.
* On January 12, 2018, Administration and Finance Secretary Michael J. Heffernan revised the Fiscal Year 2018 state tax revenue estimate upward by $157 million, from $26.504 billion to $26.661 billion, to reflect strong year-to-date performance in the category of income tax withholding. Please also see the footnote (**) below.
** Per Sections 94 and 95 of the Fiscal Year 2018 budget, the Fiscal Year 2018 benchmark figures include an anticipated $125 million in revenues from sales tax acceleration. The actual collection figures reflect only the Sales and Use and Room Tax revenue received during June.