March Mass. tax collections up 12.4 percent
Tax collections beat the monthly benchmark for March by $37 million.
State tax collections surged in March, providing a revenue boost that state officials are counting on for a balanced budget.
Strong business tax collections fueled a total monthly collection of $2.277 billion, up 12.4 percent or $252 million over March 2015, according to the state Department of Revenue.
Collections beat the monthly benchmark for March by $37 million, but remain $86 million behind for fiscal 2016 heading into April, a large month for collections.
Despite strong job growth in recent years, tax collections over the first nine months of fiscal 2016 are up only 2.9 percent, or $502 million over the same period in fiscal 2015.
Gov. Charlie Baker in January proposed a $39.55 billion budget for fiscal 2017 that raises spending by 3.5 percent. House Speaker Robert DeLeo said last week that the House Ways and Means Committee will recommend a $39.4 billion annual budget boosting spending by 3 percent.
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