Modest February Tax Revenue Gains In Massachusetts
Massachusetts is reporting that February tax collections were up more than 4.5 percent compared with last year.
Revenue Commissioner Amy Pitter said Tuesday that preliminary revenue collections came in $46 million higher than last February. Pitter said higher than expected income tax withholding and sales tax revenues offset weaker income tax payments and corporate tax collections to end the month $25 million above the official prediction for February.
Tax collections since the fiscal year began last July total nearly $13.4 billion. That’s $500 million or nearly 4 percent more than a year ago. It’s also $332 million above the year-to-date estimate. Pitter said February is typically the smallest month of the year for new revenue.