Mass. Tax Collections Jump 8.5% In August
Massachusetts is reporting August tax collections that were up 8.5 percent compared with what the state took in during last August.
Revenue Commissioner Amy Pitter said Thursday that preliminary revenue collections for the month totaled $1.54 billion or $121 million higher than last year.
That’s also about $64 million above the monthly benchmark based on the 2014 fiscal year revenue estimate of nearly $22.8 billion.
August is the second month of the new fiscal year.
Pitter said better than expected gains in withholding, sales and estate taxes in August more than offset the shortfall in corporate and business collections.
Tax collections through August are $139 million above the year-to-date benchmark.
Pitter said a little more than half of that surplus is due to one-time settlements that were collected in July. (Associated Press)