Mass. revenue collections rise in May
Massachusetts revenue collections in May were 13.2 percent higher than last May, according to preliminary data, the state Department of Revenue (DOR) said Wednesday. They also exceeded the state’s benchmark for the month by $228 million.
Revenue collections totaled $1.84 billion in May. They were $1.62 billion in May 2014.
A surge in withholding collections is largely responsible for the increase, the DOR said. Income tax payments with returns and bills were also greater than expected.
The state has collected $22.06 billion so far this year, not including $183.4 million in large settlement payments, the DOR said. With one month to go in the fiscal year, revenue is $1.22 billion, or 5.9 percent, above that of a year ago and $389 billion above the year-to-date benchmark.
DOR reported that income tax collections for May were up $241 million compared with May 2014, and $194 million above benchmark. Corporate and business taxes, meanwhile, were up $19 million in May, $30 million above benchmark.
The DOR also said that the two-month corporate and business amnesty program, which began on March 16 and ended May 15, resulted in total collections of approximately $15 million, about $3 million less than the budgeted estimate of $18 million.
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