Massachusetts tax collections tick up in May

Photo Courtesy: MGNonline

BOSTON (AP) — Massachusetts is heading to the end of the fiscal year with stronger tax collections.

Revenue Commissioner Amy Pitter said Wednesday the state collected $1.6 billion in tax revenues in May. That’s about $109 million or 7.2 percent more than last May.

She said tax payments were below the same month last year, due to acceleration of capital gains realization in 2012 in anticipation of federal tax changes.

But Pitter said better than expected corporate and business collections, withholding and sales and use tax collections and estate tax payments helped more than offset the shortfall in income tax payments.

With one more month to go in the 2014 fiscal year, total year-to-date collections of $20.8 billion are $1.183 billion or 6 percent above that of a year ago and $183 million above estimates.

Comments are closed.