Preliminary revenue collections for March totaled $1.77 billion, a $149 million increase from March 2010, according to the Massachusetts Department of Revenue (DOR).
Total tax collections were $164 million above the March monthly benchmark corresponding to the Jan. 18 fiscal year 2011 revised revenue estimate of $19.78 billion, according to a statement. Fiscal year 2011 year-to-date tax collections total $14.35 billion, up $1.169 billion from the same time a year ago, and are $145 million above the revised fiscal year 2011 year-to-date benchmark.
"Better than expected corporate and business tax collections, bolstered by strong withholding tax collections, pushed March revenue well above benchmark, well ahead of last March’s collection, and more than erased last month’s $39 million shortfall in corporate and business tax collections," said Revenue Commissioner Navjeet K. Bal. "These numbers reflect continuing improvement in the economy, and we are cautiously optimistic about continued revenue growth."
Overall March income tax collections totaled $635 million, a $79 million increase from the same time last year. The total was $33 million above the monthly benchmark. Withholding taxes totaled $853 million, up $49 million from a year ago and $8 million above the benchmark.
Income tax refunds totaled $308 million, down $15 million from a year ago and $13 million below benchmark. Income tax payments with returns and bills totaled $79 million, up $14 million from the same time last year and $12 million above benchmark.
Corporate/business tax collections of $635 million for March were up $37 million from a year ago and were $104 million above benchmark. Sales and use tax collections of $363 million were up $9 million and were $3 million above the monthly benchmark.
Overall, year-to-date sales tax collections of $3.67 billion are up $298 million and are $3 million above benchmark. Corporate and business tax collections of $1.64 billion are up $58 million and are $60 million above benchmark. Income tax collections of $7.72 billion are up $756 million and are $60 million above benchmark.
