March Revenue Collections Increase
The state brought in $1.9 billion in March, up 4.8 percent, or $87 million, over last year, Revenue Commissioner Amy Pitter announced.
The increase was due to higher-than-expected corporate and business collections which offset weak income tax payments and sales tax collections. According to the Department of Revenue, March is the largest month for revenue collection from companies because tax returns and extensions for the previous year are due, as well as the first quarterly estimated payments for the new tax year.
Corporate and business tax collections were $717 million in March, 18.3 percent higher than last year and $97 million above the benchmark, based on the fiscal year's full estimate.
"The increase in corporate and business tax collections reflect that a number of corporations and businesses performed better last year and they expect to do at least as well if not better this year," Pitter said in a statement.
Total revenues were $30 million higher than the monthly benchmark based on the fiscal year's full estimate of $21.5 billion.
Since the fiscal year started in July, tax collections for the Bay State have totaled $15.3 billion and are 4 percent higher than a year ago. That's also $363 million above the year-to-date benchmark.
Income tax collections in March were $667 million, down 3.9 percent over last year and $64 million below the monthly benchmark. The DOR said the decline was mostly due to a shift in withholding payments from March to February.
Sales tax collections for March were $369 million, 1.1 percent from last year. They were $10 million below expectations. Year-to-date collections were $3.8 billion, up 1.5 percent from the same period last year, but $24 million below what was expected.
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