State tax revenues surge
Massachusetts tax revenues surged in September, increasing more than 14 percent compared to the same month last year.
Revenue Commissioner Navjeet Bal says the state collected more than $2 billion last month, or about $250 million more than September of last year. She said it was a sign of a growing economy.
For the first three months of the fiscal year, tax collections are up $442 million, or more than 10 percent, compared to the first quarter of the last fiscal year. Collections are also more than $200 million over the state’s predictions for this fiscal year.
Bal said Monday the September numbers were a dramatic improvement over September 2009, when revenues had tumbled 16 percent.
Income tax collections accounted for much of the increase. They were up $76 million or nearly 8 percent from last year.