Mass. State Revenue Dips In May, But Economy Continues To Strengthen
BOSTON (AP) – Massachusetts tax collections dipped in May after a surprisingly strong showing in April.
State revenue officials said Friday that preliminary revenues for last month were down $68 million or 4.3 percent compared with May of last year. Collections also fell $56 million short of the estimate for the month.
Revenue Commissioner Navjeet Bal said the drop isn’t a surprise given the 43 percent increase in April tax collections compared with a year ago.
She said the increase in electronic filings and faster processing of tax returns account for part of the growth in April and the drop in May.
Taken together, the returns still point to a continued strengthening of the state’s economy.
So far this fiscal year, which ends June 30, Massachusetts has collected $676 million more than predicted.
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