State's Feb. Tax Collections Up 4.5%
Tax revenue collections were up 4.5 percent to $1.06 billion last month compared to February 2012, according to the Massachusetts Department of Revenue (DOR).
The figure was 25 percent above the state's benchmark for the month, and was driven by higher-than-expected income tax withholding and sales tax revenue, which helped offset weaker income tax payments and corporate collections, the DOR said.
February is normally a slow month for tax collection, the agency said, and its benchmark reflects that.
For the fiscal year so far (which began in July 2012), tax revenue is outpacing that of fiscal year 2012 by $500 million, or 3.9 percent.
That gap could start to close. The DOR said income tax refunds were down $4 million in February, or about 1 percent, likely due to a delay in the opening of the federal filing season.
WBJ Web Partners
Most Recent
Most Recent
0 Comments