BOSTON, Mass. (State House News Service)–Total tax collections over the first half of December – a big month for collections in general – rose by 5.5 percent compared to the same period last December.
In a Dec. 20 letter to legislative leaders, Revenue Commissioner Geoffrey Snyder said December is a significant month of revenues because many corporate and business taxpayers are required to make estimated payments, and some quarterly income estimated payments may be received in December. On the strength of increases in withholding and sales and use taxes, total collections over the first half of the month came in at $1.41 billion, representing a $73 million increase over the same period in December 2020.
Income taxes, which include withholding, totaled $804 million, up $102 million or 14.5 percent versus the same period in December 2020. Sales and use taxes of $131 million were up $58 million or 78.5 percent versus the same period in December 2020.
An increase in holiday season consumer spending could provide a bump to retailers and the state’s tax coffers, and continue a months-long streak of collections far surpassing estimates.