Massachusetts Collects $1.6 Billion In Taxes During July
Massachusetts tax collections for July totaled nearly $1.6 billion, starting off the new fiscal year modestly ahead of expectations.
Revenue Commissioner Amy Pitter says the preliminary revenue number is about $12 million, or just under 1 percent, more than the state took in during July last year.
Pitter said total tax collections for the month were also $11 million above the monthly estimate based on the fiscal year 2015 revenue estimate of $24.4 billion.
She said the July surplus was mainly due to corporate and business tax payments, which came in better than expected, offsetting lower collections in estate tax and income tax payments with bills and returns.
Pitter said July is typically a small tax collection month with no quarterly estimated payments due for most businesses and individuals.