November Mass. tax revenues fall $55M short
The state collected about $1.674 billion in revenue during the month of November, the Department of Revenue said Thursday, coming in $55 million below the monthly benchmark.
Although collections were lower than expected, DOR said $20 million to $30 million of withholding collections were deferred to December due to the timing of a new tax collection system roll-out. November collections mark an increase of $86 million or 5.4 percent over last November.
"The November figures show that we are still trending slightly above the year-to-date benchmark and must continue to monitor economic trends and other factors,” DOR Commissioner Mark Nunnelly said in a statement.
So far in fiscal 2016, state revenues have totaled $9.289 billion -- about 4.4 percent more than at this time last year and $73 million above the year-to-date benchmark.
Though November is one of the smallest net tax collection months of the year, Gov. Charlie Baker said earlier this month that he would wait to see the revenue report for November before deciding whether mid-year emergency budget cuts will be necessary. The administration has said it is tracking underperforming non-tax revenue and up to $250 million in spending exposures in the fiscal 2016 budget.
A spokesman for the Executive Office of Administration and Finance said the administration had no immediate comments to offer about how the November revenues would inform their decision on possible budget cuts.
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