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Mass. Reports Jump in July Tax Revenue Gains

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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.

[Associated Press]

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