November tax collection outbase benchmark

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IRS Tax Issues Insurance Industry

The Department of Revenue’s tax collectors collected $2.382 billion last month, less than what was collected in November 2021 but 10 percent more than the Baker administration expected.

November 2022 tax receipts were down $32 million, or 1.3 percent, compared to November 2021, which the DOR attributed to a difference in the timing of collecting a certain type of tax this year. The DOR set last month’s benchmark at $2.161 billion, but exceeded that by $221 million, or 10.2 percent.

“Compared to November 2021, November collections for income tax withholding, non-withholding income tax and all other taxes are down,” said Revenue Commissioner Jeffrey Snyder. “These decreases were partially offset by increases in sales and use tax and corporate and business tax. The decrease in withholding is largely due to the timing of receipt of withholding payments. In FY2022, certain withholding payments were received in November, whereas in FY2023, these payments were received in October.

November typically accounts for 6.5 percent of the state’s annual tax revenue, according to the DOR.

Now through the first five months of fiscal 2023, state tax revenue of $13.946 billion is $337 million, or 2.5 percent ahead of actual collections for the same period in fiscal 2022 and $749 million, or 5.7 percent ahead of the DOR’s year-to-date benchmark. . December earnings figures Thursday, Jan. 5 will be released and the DOR has set the monthly benchmark at $3.506 billion.

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