Quantcast

Bay State News

Wednesday, April 16, 2025

Massachusetts' combined tax revenues up 35.9% from Q1 to Q2 2024

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

Combined tax revenues in Massachusetts increased 35.9% in the second quarter of 2024 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Massachusetts collected $13.9 billion in taxes during the second quarter of 2024, compared to $10.2 billion in the previous quarter.

The majority of the state’s tax revenue was collected through income taxes ($10.1 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.

Q2 Massachusetts Tax Collections
Type of TaxAmount (millions)
Income Taxes$10,068
Sales and Gross Receipts Taxes$3,090
License Taxes$429
Other Taxes$252
Source: U.S. Census Bureau

MORE NEWS