BOSTON (AP) — Massachusetts tax collections totaled $2.41 billion in November.
That’s $289 million or 13.6% more than the actual tax collections in November 2020 — and $192 million or 8.7% more than predictions for the month.
Year-to-date collections for the 2022 fiscal year totaled approximately $13.61 billion, which is $2.14 billion or 18.7% more than collections in the same period during the 2021 fiscal year, and $914 million or 7.2% more than year-to-date predictions.
“November 2021 revenue collections increased in most of the major tax types in comparison to November 2020 collections, including withholding, sales and use tax, and ‘all other’ tax,” Revenue Commissioner Geoffrey Snyder said in a press release Friday. “The increase in withholding is likely related to improvements in labor market conditions,”
November is among the smaller months for revenue collection because neither individual nor business taxpayers make significant estimated payments. Historically, roughly 6.5% of annual revenue, on average, has been received during November.
Given the brief period covered in the report, November shouldn’t be used as a predictor for the remainder of the fiscal year, Snyder said.
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