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Wednesday, November 20, 2024

Massachusetts' combined tax revenues up 74.4% in Q2 compared to same quarter of the previous year

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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 $13.9 billion in income, license, miscellaneous other, property and sales and gross receipts taxes during the second quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 74.4% increase over the same quarter of the previous year, when combined tax revenues were $8 billion.

The majority of the state's tax revenue was collected through income taxes ($10.1 billion) and 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 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.

Q2 Massachusetts Tax Collections

Type of TaxAmount (millions)
Income Taxes$10,068
License Taxes$429
Other Taxes$252
Property Taxes$0
Sales and Gross Receipts Taxes$3,090

Source: U.S. Census Bureau

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