Mass. Tax Collections Up 9.2 Percent In March
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BOSTON (AP) – Massachusetts revenue officials are reporting a strong month for tax collections.
The Department of Revenue announced on Monday that tax collections rose in March by $149 million, or 9.2 percent, when compared with March 2010. The state also exceeded its revised monthly benchmark by $164 million.
Officials say March is the biggest month of the year for corporate and business excise tax collections, which were up more than 6 percent from a year ago.
Income tax collections increased more than 14 percent on a year-to-year basis, while income tax refunds were down 4.5 percent.
With three months remaining in the fiscal year, tax collections are running nearly 9 percent higher than at this point last year, and are $145 million above revised benchmarks.
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