Massachusetts Tax Revenues Miss The Mark In August
BOSTON (AP) – Massachusetts tax collections were up 3 percent in August compared with the same month a year ago, but fell just short of the state’s benchmark for the month.
Revenue Commissioner Navjeet Bal said Friday that overall tax collections were $40 million higher than in August 2010, with corporate and business taxes exceeding benchmarks while withholding taxes fell short of the mark – in part because of timing issues that shifted more collections into the previous month.
Revenue for the first two months of the fiscal year that began July 1 remains $49 million above projections.
Bal says the August revenue figure does not reflect the two-day sales tax holiday, since sales tax collections for the month are not due until Sept. 20.
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