Quantcast

Bay State News

Friday, September 20, 2024

Massachusetts’ combined tax revenues down 1.4% in Q4 compared to same quarter of the previous year

Webp 75rj2gtjwh384lhr6o8r9h7ts061

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 $9.1 billion in income, license, miscellaneous other, property and sales and gross receipts taxes during the fourth quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This is a 1.4% decrease from the same quarter the previous year when combined tax revenues were $9.3 billion.

The majority of the state’s tax revenue was collected through income taxes ($5.6 billion) and sales and gross receipts taxes ($3 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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Q4 Massachusetts Tax Collections

Type of TaxAmount (millions)
Income Taxes$5,624
License Taxes$315
Other Taxes$191
Property Taxes$0
Sales and Gross Receipts Taxes$2,971

Source: U.S. Census Bureau

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS