April 5, 2012
Low Business Tax Collections Push State Revenues Down
At $1.8 billion, Massachusetts tax collections in March were $28 million higher than last year, but $29 million below the level the state had predicted, according to the Department of Revenue.
March is the biggest month of the year for corporate and business excise tax collection, and those taxes came in at only $604 million, down $32 million from last March and $50 million below the benchmark level set by the state.
Income tax collections totaled $693 million, up $58 million from last March and $19 million above the monthly benchmark.
For fiscal 2012 so far, tax collections total $14.7 billion, up $343 million from the same period last year, but $87 million below benchmark.
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