Mass. tax take for April falls short of goal
April tax collections fell slightly below the Patrick administration’s projections but are running ahead with two months left in the state’s fiscal year, according to preliminary estimates.
The Department of Revenue said income tax payments with returns and extensions fell $126 million below the monthly benchmark, due largely to a greater-than-anticipated acceleration of capital gains following federal tax rate changes that took effect last year. In all, the commonwealth fell $107 million below its target for April, taking in $2.736 billion.
April is historically the year’s largest tax-collection month, when payments with income tax returns and extensions for the previous year are due and the first quarterly estimated income tax payments are due for the new tax year. Here are collection details for the month:
- Income tax payments with bills and returns totaled $1.297 billion, down $225 million, or 14.8 percent, from the same period last year, and $126 million below the monthly benchmark. Income tax estimated payments totaled $239 million, down $12 million, or 4.6 percent from the same period last year, and $1 million below the monthly benchmark. Income tax withholding totaled $811 million, up $16 million, or 2.1 percent from the same period last year, and $17 million below the monthly benchmark.
- Corporate/business tax collections totaled $96 million, up $27 million, or 38.6 percent from the same period last year, and $17 million above the monthly benchmark.
- Sales tax collections totaled $468 million, $23 million or 5.2 percent more than the same period a year ago and $7 million below the April benchmark.
Year-to-date tax collections for the 2014 fiscal year total $19.218 billion, up $1.074 billion, or 5.9 percent from the same period last year and $121 million above the year-to-date revised benchmark.
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