Mass. Reports Jump in July Tax Revenue Gains
Massachusetts is reporting July tax collections that were up 9 percent compared with what the state took in last July.
Revenue Commissioner Amy Pitter said Monday that preliminary revenue collections for the month totaled $1.58 billion or $132 million higher than last year.
That’s also about $75 million above the monthly estimate for the month based on the total revenue estimate for the 2014 fiscal year of $22.45 billion.
July is the first month of the new fiscal year.
Pitter said the July surplus was almost exclusively due to $70 million in one-time settlement-related tax payments which are required to be deposited in the state’s rainy day fund.
She also said that July is typically a small month for revenue collections because there are no quarterly estimated payments due for most businesses and individuals.