Mass. Revenue Less Than Expected For Oct.
Higher-than-expected tax refunds to businesses and individuals helped lower the state's revenue take in October, according to preliminary figures from the Massachusetts Department of Revenue.
The commonwealth took in $1.401 billion last month, 3.3 percent less ($48 million) than its revenue for October 2011. For the first four months of the fiscal year, tax collections totaled $6.482 billion, which is $33 million, or 0.5 percent less than a year ago, and $256 million below the year-to-date benchmark.
Corporate and business tax collections, which totaled about $8 million, were $35 million lower than a year ago and $47 million below benchmark. Most of the shortfall was due to a higher number of corporate and business refunds, according to a statement from the agency.
Commissioner Amy Pitter said that like many other states, Massachusetts is starting to see a slowdown in the pace of recovery from the recession. She also said October is traditionally the busiest month of the year for corporate and business tax refunds.
Meanwhile, sales tax collections totaled $440 million, up $13 million, or 3 percent from October 2011, but $20 million below benchmark.
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