August Tax Revenue Falls Short Of Benchmarks
Preliminary state tax revenue collections for August decreased by about $8 million year over year, or about .6 percent, and fell short of benchmarks, according to the Massachusetts Department of Revenue (DOR).
Revenue totaled $1.4 billion last month, the DOR said. Despite declining collection in income and withholding tax revenues, and corporate and business tax revenues , sales and use taxes showed a gain of 4 percent over last August. In that category, motor vehicle sales tax collections increased the most at 7 percent. Corporate and business tax revenues declined 11.9 percent year over year, while income and withholding tax collections decreased 2.4 percent and 1.8 percent respectively.
Collections fell short of the August benchmark by $38 million, the DOR said. The shortfall calculation is based on the fiscal 2013 General Appropriation Act tax revenue estimate of $22.011 billion. Total fiscal 2013 collections are $69 million below the year-to-date benchmark, the DOR said.
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