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Thursday, November 21, 2024

Massachusetts' combined tax revenues up 22.9% from Q2 to Q3 2023

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Geoffrey E. Snyder Commissioner of Revenue at Massachusetts Department of Revenue | Massachusetts Department of Revenue

Geoffrey E. Snyder Commissioner of Revenue at Massachusetts Department of Revenue | Massachusetts Department of Revenue

Combined tax revenues in Massachusetts increased 22.9% in the third quarter of 2023 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Massachusetts collected $9.8 billion in taxes during the third quarter of 2023, compared to $8 billion in the previous quarter.

The majority of the state’s tax revenue was collected through income taxes ($6.1 billion) and general sales and gross receipts taxes ($3.1 billion).

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Q3 Massachusetts Tax Collections
Type of TaxAmount (millions)
Income Taxes$6,118
Sales and Gross Receipts Taxes$3,060
License Taxes$319
Other Taxes$268
Source: U.S. Census Bureau

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