Tax collections off to a strong start for 2019 fiscal year
BOSTON (AP) — Massachusetts tax revenues are off to a strong start, collecting nearly $1.9 billion during July, the first month of the 2019 fiscal year.
That’s up $102 million or 5.7 percent over tax collections in July 2017 — and $7 million or 0.4 percent more than the estimate for the month.
Massachusetts Department of Revenue Commissioner Christopher Harding said as expected, there was solid growth over July 2017 in withholding and sales tax revenues.
Harding said the tax revenue collections in July should not be used as a predictor for the rest of the fiscal year.
July is one of the smaller tax collection months. No quarterly estimated payments are due for most individuals and businesses.
As a result, just 6.7 percent of annual revenue is collected on average during July.