Mass. tax revenues continue resilient run
December collections up 8.8% over a year ago
MASSACHUSETTS TAX REVENUES continued to be remarkably resilient in December, as collections were up 8.8 percent over the same pre-COVID month a year ago and up 2.7 percent in the first six months of the fiscal year.
Total collections in December were $2.8 billion, up $230 million over December 2019. December is typically the fifth largest revenue month of the year, bringing in 9.5 percent of the state’s annual revenues on average.
A big part of the December increase was in corporate and business taxes, which totaled $589 million, up $289 million over December 2019. In a statement, Department of Revenue Commissioner Geoffrey Snyder said the corporate and business tax increase reflected “one-time business restructuring events and timing factors such as changes to corporate estimated payment installment patterns.”