News Briefs

Local USPS Will be Closed in Recognition of Veterans Day

 Post offices across the commonwealth will be closed on Friday, November 11, in honor of Veterans Day. There will be no street delivery, except for guaranteed overnight parcels, and all retail operations will be closed for the day. Full retail and delivery operations will resume on Saturday, November 12.

As one of the largest employers of US veterans, nearly 10% of our workforce nationally, the Postal Service is proud to honor the men and women who have selflessly served our country in war and in peacetime and those who continue that tradition today. As the saying goes, “America is the land of the free because of the brave.”

The Postal Service generally receives no tax dollars for operating expenses and relies on the sale of postage, products and services to fund its operations.

October Revenue Collections Total $2.359 B

Massachusetts Department of Revenue (DOR) Commissioner Geoffrey Snyder announced that preliminary revenue collections for October totaled $2.359 billion, $85 million or 3.5% less than actual collections in October 2021, but $293 million or 14.2% more than benchmark.[1]

FY2023 year-to-date collections totaled approximately $11.565 billion, which is $369 million or 3.3% more than collections in the same period of FY2022 and $529 million or 4.8% more than the year-to-date benchmark.  

“October collections decreased in non-withholding income tax, corporate and business tax, and ‘all other tax’ in comparison to October 2021” said Commissioner Snyder. “These decreases were partially offset by increases in withholding and sales and use tax. The decrease in non-withholding is primarily driven by two offsetting factors: an increase in income tax refunds (outflows) related to passthrough entity (“PTE”) member credits and a partially offsetting increase in income tax return payments. The decrease in ’all other tax’ is primarily attributable to estate tax, a category that tends to fluctuate. The increase in withholding is mostly due to the timing of the receipt of withholding payments: certain payments received in October 2022 were captured in November in 2021. The increase in sales and use tax reflects, in part, continued strength in retail sales.”

In general, October is among the lower months for revenue collection, because neither individual nor business taxpayers make significant estimated payments during the month. Historically, roughly 6.5% of annual revenue, on average, has been received during October.