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Massachusetts Records Nearly $2B In Tax Revenue In August

BOSTON (AP) — Massachusetts collected $1.99 billion in tax revenue in August.

The total was just slightly less — by about $6 million — compared to what the state collected in August of last year.

About $13 million in income tax payments and refunds will be recorded as revenue for the 2020 fiscal year that ended June 30. That includes payments and refunds originally due in the 2020 fiscal year but received in the 2021 fiscal year.

For the fiscal year through August, collections totaled about $6.45 billion. That's $2.44 billion or about 61% more than the same fiscal year-to-date period in 2019.

Of the year-to-date collections through August, about $2.31 billion, or 36%, is income tax payments and refunds that will be recorded as revenue as for the 2020 fiscal year.

August is one of the smaller months for revenue collection, because neither individual nor business taxpayers make significant estimated payments during the month, according to Massachusetts Department of Revenue Commissioner Geoffrey Snyder.

This August is different because of the effect of COVID-19 on tax bases and because revenues collected in this month include deferred payments on personal income tax and corporate excise payments, but exclude some regular sales, meals and room occupancy taxes which are postponed to September.

(© Copyright 2020 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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