Tax revenues in August below expectations
Massachusetts has collected $89 million more in taxes during August compared with the same month last year, but that still fell $70 Million below the estimate for the month.
Revenue Commissioner Navjeet Bal said preliminary collections for the month totaled about $1.38 billion, up about 6.9 percent from last August. But that wasn’t enough to match the monthly estimate the state needs for its current budget.
Since August is typically not a large month for tax collections, and because the state beat its July estimate by about $78 million, the state is still about $8 million ahead of its estimate for the year. Bal said sales tax collections for August don’t reflect the impact of the sales tax holiday on Aug. 14 and 15. That will be reflected in the September numbers.