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June 23, 2023

Mid-June revenues show continuation of May rebound

A look at the Massachusetts State House on a sunny day, it's golden dome gleaming in the sunlight. Courtesy | Flickr/Massachusetts Office of Travel and Tourism The Massachusetts State House

June is usually the second- or third-biggest month of the year for tax collections, and a mid-month report shows receipts outpacing last year's pace over the first roughly two weeks of the month.

Total tax collections for the month-to-date period were $2.277 billion, $36 million or 1.6 percent more than the collections during the same period in June 2022, Revenue Commissioner Geoffrey Snyder wrote in a letter to lawmakers on Wednesday.

Many individuals and corporations are required to make estimated payments in June and an average of 11.1 percent of annual receipts arrive in June, Snyder wrote, adding that month-to-date increases in withholding and sales taxes were partially offset by decreases in corporate and business taxes.

Tax revenues beat expectations in May after a steep nosedive in April. After adjusting for the net impact of a pass-through entity excise, the Department of Revenue said in early June that year-to-date tax collections are running $583 million behind benchmarks used to craft the fiscal 2023 state budget.

State financial documents show tax collections have dropped from record fiscal 2022 levels in five of the last eight months, and are down $1.93 billion from fiscal 2022 levels with one month left in the fiscal year. The falling revenues come as Gov. Maura Healey manages a budget featuring big spending increases, and with an array of supplemental spending requests on the table.

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