BOSTON — February isn't generally the most important month for total state tax collections, but any month when revenues are down compared to a year ago and more than $255 million behind already bleak projections. is also important.
And early indications from February collections released by the Department of Revenue on Wednesday showed monthly collections were $36 million (3.7%) behind the February 2023 pace through February 15. Indicated. The Healey government's monthly collection benchmark is set at $2.018 billion. That's $38 million more than what was raised in February 2023.
DOR states that because collections tend to be more weighted towards the end of the month, mid-month reports “should not be used to assess trends or predict future revenues.” Masu.
“Neither individual nor corporate taxpayers are required to pay estimated amounts during the month,” DOR wrote, adding that the month typically generated 6% of the state's annual tax revenue. “February is also the month when tax filing season begins and refunds reach significant levels.”
Monthly tax collections have been lower than the state's expectations for each of the past seven months, and the gap widened, prompting Gov. Maura Healey to lower her year-end revenue forecast by $1 billion in January. Collections through January were $21.46 billion, $212 million or 1% less than actual collections for the same period in fiscal 2023, which the Healey administration expected to collect by this point in January. This was a decrease of $263 million, or 1.2%, from the previous fiscal year. calendar.
