Please do not leave this page until complete. This can take a few moments.
State tax revenues surpassed expectations in May after an unexpectedly steep nosedive in April, yet the total haul remains hundreds of millions of dollars short of projections with the budget year drawing to a close, officials said Monday.
The Department of Revenue announced Monday that Massachusetts collected $2.706 billion in May 2023, an increase of $236 million or 9.5 percent over May 2022 and $169 million or 6.7 percent above the most recent benchmark projection for the month.
That's a bounceback after April, when tax collections dropped more than $2 billion from the prior year, causing both supporters and opponents of tax relief bills to suggest plans be reevaluated.
Healey administration officials signaled at the time they were optimistic they would not need to cut government spending to make up the potential year-end revenue shortfall, particularly given the sizable amounts of money in various state accounts.
Massachusetts has collected about $35.026 billion in taxes through the first 11 months of fiscal 2023. That pace lags collections through the same stretch of last year, when an unprecedented surplus triggered a long-dormant tax relief law, by $1.936 billion.
The state does not publicly report its spending in the same kind of monthly reports that allow outsiders to track revenue trends.
After adjusting for the net impact of a pass-through entity excise, DOR said year-to-date tax collections are $619 million or 1.7 percent less than Beacon Hill budget-writers projected in their most recent year-to-date benchmarks and $583 million less than the original benchmarks used to craft the FY23 state budget.
June is the last month of the fiscal year and a comparatively big one, for better or worse, for tax receipts. The Legislature usually stretches spending decisions into the fall when it approves a final supplemental budget to close out the fiscal 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