Income Taxes Push Mass. Revenue Above Benchmark
Preliminary state revenue collections for April hit $2.86 billion, according to Revenue Commissioner Amy Pitter, a year-over-year increase of 14.3 percent and $153 million above the monthly benchmark.
The increase is due to strong payments for 2012 income tax returns and extensions, and quarterly tax bills, according to the Massachusetts Department of Revenue (DOR). Income tax collections totaled $2.21 billion, a 19.6 percent increase from a year ago.
Those factors offset a shortfall in withholding, sales and estate tax collections, the DOR said. At $445 million, April sales tax collections passed the April benchmark by $5 million. Year-to-date collected were $4.27 billion, which is $29 million short of the projection, according to the DOR.
Pitter said robust income tax collections were driven by investors reacting to federal fiscal policy changes on taxation that went into effect on Jan. 1, and "should not necessarily be considered a definitive and ongoing trend."
Massachusetts tax collections total $18.1 billion so far this fiscal year, an annual increase of 5.5 percent, according to the DOR.
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