Mass. Sees $600 Million Increase In Tax Revenues From Last Year
BOSTON (AP) — Massachusetts collected about $600 million more in taxes in the fiscal year that ended June 30 than in the previous 12-month period, but income tax collections fell short of official state forecasts, officials said Wednesday.
According to a preliminary summary provided by the state Revenue Department, total fiscal 2012 tax collections topped $21.1 billion, a 2.9 percent gain over fiscal 2011.
“The increase of $600 million in collections reflects a Massachusetts economy that has grown over the past 12 months,” said Amy Pitter, the state’s revenue commissioner, in a statement.
The summary showed total income tax collections of just over $11.9 billion, also a 2.9 percent increase from the previous fiscal year. But income tax collections fell $189 million shy of the state’s revised benchmark.
The state did exceed its benchmark for overall tax revenue in the most recent fiscal year by $107 million, thanks to higher than expected collections of sales taxes, corporate and business taxes, and motor vehicle sales taxes.
The department announced the fiscal 2012 collections along with preliminary figures for June, the final month of the fiscal year.
Tax collections for the month increased by $144 million, or 6.7 percent, from the same month in the previous year, and were $120 million higher than the monthly benchmark, Pitter said.
State officials are forecasting about $21.9 billion in total tax collections for the fiscal year that started July 1.
Copyright 2012 The Associated Press.