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

Colin A. Young

Department of Revenue tax collectors brought in $1.057 billion during the first half of November, a jump of $306 million or nearly 41 percent compared to what came in during the same time period in November 2023.

DOR told lawmakers in its mid-month update Wednesday that collections through Nov. 15 show increases in the withholding, non-withheld income tax, sales tax, and ‘all other’ tax categories, “partially offset by a decrease in corporate & business tax” receipts.

November usually generates about 6.5 percent of the annual state tax revenue haul, DOR said.

By the time this month ends, the Healey administration is counting on having collected $2.382 billion in November. Tax receipts “are uneven and usually weighted toward the month-end,” DOR said, and the agency had already collected about 45 percent of that benchmark amount by the 15th.

Fiscal 2024 tax revenues are running $129 million or 1 percent below year-to-date benchmarks through the first four months of the budget year, ending with October. But year-to-date receipts are still ahead of actual collections during the same period in fiscal 2024 by $667 million or 5.6 percent.

Full November revenue numbers are due from DOR by Wednesday, Dec. 4. That means the news is likely to come two days after key policymakers meet to consider where to set their expectations for fiscal year 2026 tax revenue.