Massachusetts Tax Collections Top Official Forecasts
Tax collections in Massachusetts jumped by $600 million from the prior fiscal year, a sign officials say the economy is getting stronger. WAMC’s Paul Tuthill reports.
Preliminary figures from the Massachusetts Department of Revenue Wednesday showed the state collected more than $21.1 billion dollars during the fiscal year that ended June 30th… an increase of almost 3% from the year before. DOR Commissioner Amy Pitter said the incrase reflects a Massachusetts economy that has grown over the past 12 months. The report showed income tax collections of just over $11.9 billion…while higher than the year before…fell short of official state forecasts. Total tax collections exceeded the official benchmark because of higher than expected sales, corporate and business tax collections..