Mass. Revenue Up In Aug., But Business Share Falls
The state’s revenue in August rose despite a drop in collections in business and corporate taxes, according to preliminary totals announced Thursday by the Department of Revenue.
The revenue numbers were bolstered by gains in withholding, sales and estate taxes, pushing the total haul $64 million above the benchmark set in the fiscal year 2014 budget, and $121 million above the August total last year, the agency said.
Tax collections for July and August were up $139 million over the year-to-date benchmark. The August gains in some revenue areas offset a shortfall in corporate and business collections, bringing the total amount raised to $1.543 billion.
“August, like July, is another relatively small month for revenue collections because there are no income payments due for individuals or businesses,” Revenue Commissioner Amy Pitter said in a statement. “While income withholding payments came in stronger than expected, it’s too soon to say whether this could be a trend or simply a timing-related exception by taxpayers submitting September payments early.”
Corporate and business collections totaled $34 million in August, down $9 million from the monthly benchmark and $10 million from the August 2012 total. Through July and August, corporate and business collections are down $13 million from the benchmark.
On July 31, new gas and cigarette taxes went into effect. August gas and cigarette taxes aren’t due until Sept. 20, according to the DOR, and those revenue numbers will be released with September revenue numbers the first week of October.
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