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Thursday, November 21, 2024

Massachusetts's miscellaneous tax revenues down 28.7% in Q4 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

Massachusetts collected $191 million in miscellaneous tax revenue during the fourth quarter of 2023, a 28.7% decrease from the previous quarter, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Miscellaneous tax revenue reached $268 million in the previous quarter.

Net sales reflect companies' total revenue stream, minus the costs of discounts, allowances and product returns.

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.

Q4 2023 Massachusetts Tax Collections

Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$2,971
Income Taxes$5,624
License Taxes$315
Miscellaneous Taxes$191

Source: U.S. Census Bureau

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