June 4, 2009
May Mass. Tax Collections Drop 14 Percent
State tax collections fell 14.1 percent in May, to $1.3 billion, but were above a recently revised benchmark for the month.
Year-to-date tax collections were down 11.5 percent, or $2.1 billion, from last year, totaling $16.5 billion, according to the Department of Revenue.
The state revised its benchmarks for the year on May 4, based on a new tax estimate of $18.4 billion for the year. In the wake of that change, state leaders have been revising the budget for the remainder of the year.
Revenue Commissioner Navjeet K. Bal said the better-than-benchmark May results reflect stronger withholding collections and smaller refund payouts than expected. Both may be a result of timing rather than substantive change, she said.
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