Please do not leave this page until complete. This can take a few moments.
Tax collections in January eclipsed even newly bullish projections by the Baker administration as state revenues rose 4.4 percent over the same period last year, according to the Department of the Revenue.
The $2.59 billion in taxes collected last month beat benchmarks for January, which had been revised upward by Secretary of Administration and Finance Kristen Lepore, by $48 million. Lepore in January raised revenues estimates for the year by $140 million.
“January closed above expectations largely due to strong performance in withholding, which was partly driven by bonus-related income payments,” Revenue Commissioner Mark Nunnelly said. “We must continue to monitor revenues closely as a significant portion of the month's revenues could be due to temporary or timing-related factors, which may not recur in upcoming months.”
Income tax collections in January beat estimates by $20 million and grew by 2.6 percent over the same month last year. Corporate and business tax collections of $37 million also beat estimates by $22 million, in part due to lower corporate refunds.
The $578 million collected last month in sales taxes missed the target by $6 million, but represented a 4.6 percent increase over last year.
Stay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Sign upWorcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
SubscribeWorcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
See Digital EditionStay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments