State beat revenue forecasts by $1.1 billion last year
BOSTON (AP) — New figures confirm Massachusetts ended the last fiscal year with a hefty surplus.
Revenue Commissioner Christopher Harding said Tuesday preliminary estimates show the state collected $27.8 billion in taxes over the 12-month period ending June 30, exceeding earlier projections by more than $1.1 billion.
Harding says higher-than-expected corporate taxes and non-withholding income taxes were the key drivers behind the windfall, which follow three successive years of underperforming revenues.
Republican Gov. Charlie Baker has already asked lawmakers to direct a portion of the surplus revenue to school safety programs and other initiatives.
Baker is still reviewing the $41.9 billion state budget proposal for the new fiscal year. The spending plan sent to his desk last week assumes more than $600 million in tax collections above earlier forecasts.