Tax receipts down 4.4% through mid-December
Flickr/Massachusetts Office of Travel and Tourism
Tax revenues down for the first half of December.
Tax collections over the first half of December are off by 4.4 percent, or $42 million compared to the same period in December 2018, with most of the change attributable to a drop in income withholding payments, according to state data.
Revenue Commissioner Christopher Harding notified lawmakers of the mid-month results on Dec. 18, pointing out in a letter that sales and use tax receipts were up 4.5 percent compared to the same period in December 2018 and corporate and business taxes are up $28 million, or 16.1 percent over the same period.
Tax collections in Massachusetts have posted consecutive years of big gains, leaving budget surpluses and enabling the state to bolster its savings.
Tax receipts over the first five months of fiscal 2020 were up 5.4 percent over the same period in fiscal 2019, and $271 million above the benchmarks used for state budgeting purposes. The fiscal 2020 budget signed by Gov. Baker on July 31 calls for $43.3 billion in spending.
Gov. Charlie Baker's administration and Democratic legislative leaders face a Jan. 15 deadline to agree on a tax revenue basis for the fiscal 2021 budget.
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