Business Revenue Propels Oct. Tax Take For Mass.
State tax collections in October rose 11 percent, or $154 million above October 2012 receipts, propelled chiefly by better-than-expected business tax revenue, the Patrick administration announced Tuesday.
Collections over the first four months of fiscal 2014 are up $616 million or 9.5 percent over the same period in fiscal 2013, the Department of Revenue said, good news for state budget managers who swept $160 million in budgeted revenues off the table over the summer when they repealed a sales tax on technology services.
The administration estimates that non-tax revenues, such as federal funds and fee revenue, could fall $150 million short of estimates.
Revenue department officials attributed the jump in October tax collections to one-time tax settlements, and better than expected estimated individual income tax payments and motor vehicle sales tax collections. Tax collections in October surpassed the monthly benchmark by $75 million, with business collections up $73 million over last October and beating the monthly benchmark by $84 million. Tax receipts over the first four months of the fiscal year are running $273 million above benchmark.
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Experts See Rising Tax Collections, Continued Economic Growth in Mass.
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