Massachusetts Tax Collections Top Official Forecasts

Jul 18, 2012

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..