Continuing signs of economic recovery are contained in the December revenue report DOR released today.
The monthly collection of $2.072 billion was up $186 million or 9.8 percent from last December, and year-to-date for the first half of FY11, collections of $9.595 billion are now $755 million over benchmark, with December alone coming in at $240 million over benchmark.
December is a significant month for tax collections, as withholding payments start to reflect year-end bonuses, final corporate/business estimated payments are due and some tax payers begin to make their final individual income estimated payments for the year in December (while the payments may be made up until Jan. 15).
The biggest drivers of the month's receipts were income tax withholding ($46 million over benchmark) and income tax cash estimated payments ($141 million over benchmark). In both cases, it is possible that some of the revenue that might have been collected in January from these two categories was instead sent to the Commonwealth in December.
The tax collection summary for the month provides more details.
EITC – Helping Low and Moderate Income Families in MA posted on Jan 29
EITC, also known as the Earned Income Tax Credit, has been helping low to moderate income families in Massachusetts and across the country for over 40 years. In recent months, Governor Charlie Baker and members of the Legislature have worked hard to ensure that working …Continue Reading EITC – Helping Low and Moderate Income Families in MA
DOR Homepage gets a facelift posted on Jan 14
Today, DOR unveiled a brand new homepage intended to making it easier for taxpayers to find what they’re looking for when it comes to filing and paying their state taxes. DOR’s communications team used consumer insights and online analytics to better understand how taxpayers use the site, …Continue Reading DOR Homepage gets a facelift
Did You Know Home Heating Oil is Mass Sales Tax Exempt? posted on Jan 14
In preparation for the winter months, we want to remind you that home heating oil is exempt from Massachusetts sales tax. This winter season, DOR wants you to be prepared. Here’s what you need to know when purchasing your home heating oil: Who is exempt …Continue Reading Did You Know Home Heating Oil is Mass Sales Tax Exempt?