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.
Barring a last-minute hitch, the tax rate will automatically be reduced from 5.3 percent to 5.25 on Jan. 1.
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.
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.
It has been nearly eight months since the state made a move to bring in more money by raising the sales tax from 5 percent to 6.25 percent and…
The New York Times Co. says it will post a loss from continuing operations in the third quarter on a revenue decline of about 2 to 3 percent.
Massachusetts collected $89 million more in taxes during August compared with the same month last year, but that still fell $70 million below the estimate for the month.
The early returns for Northeast fishermen working under a major rules change show their catch down 10 percent, but revenues up 17 percent.