State of Massachusetts sees whopping jump in tax collection from same time last year after bringing in $1.057 billion in first half of November

Young, Colin A.

The first half of November revenue collected by the Department of Revenue tax collectors was $1.057 billion, a $306 million increase or over 41% increase over the same period in 2023.

In its mid-month update on Wednesday, DOR informed lawmakers that, while corporate and company tax receipts have decreased, collections through November 15 indicate gains in sales tax, non-withheld income tax, withholding tax, and all other tax categories.

According to DOR, November typically brings in roughly 6.5% of the state’s yearly tax revenue.

The Healey administration anticipates collecting $2.382 billion in November by the end of this month. According to DOR, tax receipts are irregular and typically skewed toward the end of the month. By the 15th, the agency had already received almost 45% of that benchmark amount.

Through the first four months of the budget year, which ends in October, fiscal 2024 tax receipts are $129 million or 1% behind year-to-date standards. However, year-to-date receipts still stand $667 million, or 5.6%, ahead of actual collections for the same period in fiscal 2024.

DOR must provide the complete November income figures by Wednesday, December 4. Accordingly, the announcement is probably going to be made two days after important decision-makers gather to discuss where to place their expectations for tax collection in fiscal year 2026.

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