The Department of Revenue (DOR) report on year-to-date net state tax revenue
for the current fiscal year, a projection of net state tax revenue for the remainder of the current fiscal year,
and a projection of if, and when, net state tax revenue may exceed allowable state tax revenue for the current fiscal year.
September 2024 Monthly 62F Report
Mr. Steven T. James, House Clerk Mr. Michael D. Hurley, Senate Clerk
Office of the Clerk of the House Office of the Clerk of the Senate
State House, Room 145 State House, Room 335
Boston, MA 02133 Boston, MA 02133
The Honorable Mark J. Cusack, Chair The Honorable Susan L. Moran, Chair
Joint Committee on Revenue Joint Committee on Revenue
State House, Room 34 State House, Room 312-D
Boston, MA 02133 Boston, MA 02133
The Honorable Aaron M. Michlewitz, Chair The Honorable Michael J. Rodrigues, Chair
House Committee on Ways and Means Senate Committee on Ways and Means
State House, Room 243 State House, Room 212
Boston, MA 02133 Boston, MA 02133
Dear Clerks James and Hurley and Chairs Cusack, Moran, Michlewitz and Rodrigues,
Pursuant to Section 5 of Chapter 62F, as amended by the Acts of 2023, the Department of Revenue (DOR) hereby submits its September, 2024
report on year-to-date net state tax revenue for the current fiscal year, an estimate of net state tax revenue for the remainder of the current fiscal
year, and an estimate of if, and when, net state tax revenue may exceed allowable state tax revenue for the current fiscal year.
Based on DOR's estimates of FY25 full fiscal year net state tax revenue and FY25 allowable state tax revenue, the Department currently
projects FY25 full fiscal year net state tax revenue will not exceed FY25 allowable state tax revenue. DOR's estimates are based on currently
available data and are subject to revisions as additional data becomes available.
Pursuant to subsection (d) of section 2BBBBBB of section 17 of chapter 29, 4% income surtax revenue shall not be subject to the allowable
state tax revenue limitations established by chapter 62F.
Report Highlights
September 30, 2024 year‐to‐date net state tax revenue excluding 4% income surtax revenue: 9,624,213,271
DOR's estimate of full year FY25 total net state tax revenue: 40,926,884,385
DOR's estimate of FY25 allowable net state revenue: 46,068,000,162
DOR's estimate of the amount by which net state tax revenue will be above(below) allowable state tax revenue: (5,141,115,777)
If you have questions, please contact Tim Rooney, DOR CFO (rooneyt@dor.state,ma.us).
Sincerely,
Timothy Rooney
Chief Financial Officer
Department of Revenue
cc:
Geoffrey Snyder, Commissioner, Department of Revenue
Kristin Lindquist, Senior Deputy Commissioner, Department of Revenue
Matthew Gorzkowicz, Secretary, Executive Office for Administration and Finance
Sam Gamer, Deputy General Counsel, Executive Office for Administration and Finance Dana
Sullivan, Chief of Strategy and Operations, Executive Office for Administration and Finance
Christopher Marino, Assistant Secretary of Budget, Executive Office for Administration and Finance
John Caljouw, Finance Director, Executive Office for Administration and Finance
William McNamara, Comptroller, Office of the Comptroller
Kristin Lacroix, Chief Accounting Officer, Office of the Comptroller
 Summary Statement
DOR Monthly Report on Fiscal Year 2025 Net State Tax Revenue and Allowable State Tax Revenue
as Defined by Chapter 62F
September 2024 Monthly 62F Report
Year‐to‐Date Net State Tax Revenue
Year‐to‐date net state tax revenue for FY25, less 4% income surtax revenue as of September 30, 2024 (1)
(Exhibit 1) $9,624,213,271
Full Fiscal Year Net State Tax Revenue and Allowable State Tax Revenue Estimates
(1)
Estimate of total net state tax revenue for FY25, less 4% income surtax revenue (Exhibit 4) $40,926,884,385
Allowable state tax revenue for FY24 (Exhibit 3) $44,130,782,381
Estimate of allowable state tax revenue growth factor for FY25 (Exhibit 2) 1.0438972
Estimate of allowable state tax revenue for FY25 (Exhibit 3) $46,068,000,162
(2)
Estimate of the amount net state tax revenue will be above/(below) allowable state tax revenue for FY25 (Exhibit 4) ($5,141,115,777)
1) Pursuant to subsection (d) of section 2BBBBBB of section 17 of chapter 29, 4% income surtax revenues shall not be subject to the allowable state tax revenue limitations established by
chapter 62F.
2) Per M.G.L Chapter 62F, the State Auditor shall annually on or before the third Tuesday of September, independently determine whether net state tax revenues for the immediately preceding
fiscal year exceeded the allowable state tax revenues for said fiscal year.
 Exhibit 1
DOR Report: Fiscal Year‐to‐Date Net State Tax Revenues
September 2024 Monthly 62F Report
Type of State Tax Revenue Collected Fiscal YTD Net State Tax Revenues as of
(By Agency) 9/30/2024
Department of Revenue:
Alcoholic Beverages 27,842,350
Financial Institutions 5,615,852
Cigarettes 86,707,275
Corporations 917,316,810
Deeds 49,850,626
Estate and Inheritance 129,559,030
Income 5,640,500,352
Insurance 158,419,995
Motor Fuels and International Fuel Tax Agreement 186,877,470
Public Utilities 0
Room Occupancy 176,716,583
Sales and Use 2,464,703,230
Club Alcoholic Beverages 69,536
Motor Vehicle Excise 55,146
Convention Center Surcharges 4,413,284
Community Preservation Trust 12,671,766
Controlled Substances and Marijuana Excise 39,263,983
Satellite 1,114,398
Statewide Car Rental 1,456,370
Electronic Nicotine Delivery System 3,929,799
Department of Revenue Before the Reduction of 62F Payments 9,907,083,856
Pari‐Mutual Taxes 252,345
Gaming Revenue Tax 92,322,944
Lottery Commission:
Beano 107,718
Raffles and Bazaars 167,307
State Athletic Commission
Boxing Contests 21,948
Boxer’s Fund 5,481
Division of Insurance
Excess and Surplus Lines Insurance 137,046
Secretary of State:
Deeds Excise Stamp Tax Fees 18,649,016
Department of Unemployment Assistance:
Workforce Training Contribution 4,663,131
Other Agencies Sub‐Total 116,326,937
Total Net State Tax Revenue Before the Reduction of 62F Payments 10,023,410,794
Less:
Estimate of 4% Income Surtax Revenues (1) (2) (399,197,522)
Total Net State Tax Revenue Less the Estimate of 4% Income Surtax Revenue 9,624,213,271
1) Pursuant to subsection (d) of section 2BBBBBB of section 17 of chapter 29, 4% income surtax revenues shall not be subject to the
allowable state tax revenue limitations established by chapter 62F.
2) Pursuant to Section 20 of Chapter 28 of the 2023 Acts, the Department of Revenue (DOR) is required to certify to the State Comptroller,
after each quarterly period during the fiscal year, the amount of tax revenues estimated to have been due to the additional 4% income tax
levied pursuant to Article XLIV of the Amendments of the Constitution of the Commonwealth. For the purpose of surtax certification,
quarterly periods are defined as July 1 to September 30, inclusive, October 1 to January 31, inclusive, February 1 to April 30, inclusive, and
May 1 to June 30, inclusive. DOR estimates that the tax revenues collected from the 4% income tax was $399,197,522 during the period
between July 2024 and September 2024. Please note that this amount is subject to revision in future certification periods as DOR further
analyzes tax data.
 Exhibit 2
DOR Estimate of the Allowable State Tax Growth Factor
For the Fiscal Year Ending June 30, 2025
September 2024 Monthly 62F Report
Calendar Year Massachusetts Wages and Salaries(1) Wages and Salaries
(in Thousands) Yearly Growth Rate(2)
2021 Actual $312,471,740
2022 Actual $333,155,998 1.0661956
2023 Actual $344,029,483 1.0326378
2024 Estimate $355,333,629 1.0328581
Estimate of the Sum of 2022 ‐ 2024 calendar year growth increase 3.1316915
Estimate of the allowable state tax growth factor for FY25 (3) 1.0438972
1) Source:
i) Actual: US Department of Commerce, Bureau of Economic Analysis, Regional Income Division, Washington, D.C. (pursuant to
Section 2 of Chapter 62F).
ii) Estimate: based on a combination of US Department of Commerce, Bureau of Economic Analysis, Regional Income
Division, Washington, D.C. quarterly wage and salary data and wage and salary growth projections provided by S&P Global
Market Intelligence and Moody's Analytics.
2) Wage and salary yearly growth rates are calculated by dividing each calendar year’s wages and salaries by those of the
previous calendar year.
3) The allowable state tax growth factor equals one‐third of the sum of the yearly growth rates for each of the three calendar
years ending immediately prior to the current fiscal year.
Note Chapter 62F requires that, in calculating the allowable state tax growth factor for any fiscal year, the same total for
Massachusetts wages and salaries for a calendar year utilized in prior calculations involving that calendar year shall be utilized in
subsequent calculations involving that calendar year, notwithstanding periodic adjustments by the Bureau of Economic Analysis.
 Exhibit 3
DOR Estimate of Allowable State Tax Revenues
for the Fiscal Year Ended June 30, 2025
September 2024 Monthly 62F Report
(1)
Allowable state tax revenue for the FY24 $44,130,782,381
Estimate of allowable state tax growth factor for the FY25 1.0438972
Estimate of allowable state revenue for the FY25 $46,068,000,162
1) As defined in Section 2 of Chapter 62F of the Massachusetts General Laws, “allowable state tax revenues” for a fiscal year means the
following: beginning after June 30, 1986, an amount equal to the greater of the allowable state tax revenues for the immediately preceding
fiscal year multiplied by the allowable state tax growth for the current year, or in any case no less than the allowable state tax revenues for
the preceding fiscal year.
 Exhibit 4
Estimate of Net State Tax Revenue for Current Fiscal Year and if Net State Tax Revenue Will Exceed Allowable State Tax Revenue for the Current Fiscal Year.
September 2024 Monthly 62F Report
Fiscal Year‐to‐Date of Net State Tax Revenues DOR Estimate of Year‐to‐Date Net State Tax Revenue for the Remainder of Fiscal Year 2025
Type of State Tax Revenue Collected Fiscal YTD Net
(By Agency) State Tax
Revenues as of
9/30/2024 Oct‐24 Nov‐24 Dec‐24 Jan‐25 Feb‐25 Mar‐25 Apr‐25 May‐25 Jun‐25
Department of Revenue:
Alcoholic Beverages 27,842,350 36,522,625 45,008,634 53,831,168 62,658,581 67,922,786 74,819,795 83,306,406 89,938,966 98,771,776
Financial Institutions