Mass. Tax Collections Up, But Fall Short
BOSTON (AP) _ Massachusetts tax collections were up .5 percent in July compared with the same month a year ago, but fell just short of the state’s benchmark for the month.
Amy Pitter, the state’s Revenue Commissioner, announced Friday that the preliminary revenue collections for July 2012 totaled $1.4 billion _up $7 million from last year. But, they fell $33 million below the July benchmark, which is based on tax revenue estimates under the General Appropriation Act.
Corporate tax collections of $66 million in July rose 36.3 percent from the previous year, reaching $20 million above the benchmark.
Pitter said revenue collections in July are often small because quarterly estimated payments are not due for most businesses and individuals. She added that some anticipated payments were also made in June this year.
(Copyright 2012 by The Associated Press. All Rights Reserved.)