Massachusetts revenues fall just short of May predictions
BOSTON (AP) — State officials said tax collections for Massachusetts fell just short of expectations for May.
Revenue Commissioner Christopher Harding said preliminary collections for May totaled more than $2 billion, but were just $8 million below the revised monthly benchmark.
Revenues were $60 million or 3.1% more than the tax collections in May 2018.
For the fiscal year-to-date through May, state revenue collections have totaled more than $26.5 billion. That’s $952 million or 3.7% more than predictions — and $1.8 billion or 7.6% more than the same fiscal year-to-date period in 2018.
Harding said income tax withholding payments and regular sales and use taxes were above expectations for May, while non-withheld income taxes — especially payments made with income tax returns — fell short.
The current fiscal year ends June 30.