State Tax Revenues Below Expectations
April tax revenue collections in Massachusetts rose $3 million over the same period a year ago, totaling $2.5 billion, but they were below expectations, Revenue Commissioner Amy Pitter said Thursday.
Collections for the month were $93 million below the monthly benchmark, based on the revenue estimate of $21 billion for the fiscal year. Through April, the state collected $17.2 billion, up $346 million, or 2 percent, from 2011, but $180 million below the budgeted estimate.
The Department of Revenue said non-recurring business and corporate tax-related payments totaling about $200 million being made would be included in May's tax revenue report.
Pitter cited income taxes as factors in April collections, with filing extensions being granted and the commonwealth receiving less-then-expected payments with returns.
"Stronger than forecast sales tax collections, which are a good indicator of consumer confidence, and less than forecast income tax refunds, were not enough to offset the below-benchmark performance of income and corporate and business tax collections," Pitter said.
Sales tax collections of $434 million were up $28 million or 6.8 percent, $11 million above benchmark.
WBJ Web Partners
Most Recent
Most Recent
0 Comments