Tax collections beat January estimates
Tax collections in January eclipsed even newly bullish projections by the Baker administration as state revenues rose 4.4 percent over the same period last year, according to the Department of the Revenue.
The $2.59 billion in taxes collected last month beat benchmarks for January, which had been revised upward by Secretary of Administration and Finance Kristen Lepore, by $48 million. Lepore in January raised revenues estimates for the year by $140 million.
“January closed above expectations largely due to strong performance in withholding, which was partly driven by bonus-related income payments,” Revenue Commissioner Mark Nunnelly said. “We must continue to monitor revenues closely as a significant portion of the month's revenues could be due to temporary or timing-related factors, which may not recur in upcoming months.”
Income tax collections in January beat estimates by $20 million and grew by 2.6 percent over the same month last year. Corporate and business tax collections of $37 million also beat estimates by $22 million, in part due to lower corporate refunds.
The $578 million collected last month in sales taxes missed the target by $6 million, but represented a 4.6 percent increase over last year.
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