Mass. Tax Collections Up 5.7 Percent in July
BOSTON -- On the heels of a tax windfall in fiscal 2018 that left Massachusetts with a surplus, fiscal year 2019 got off to a solid start for state tax collections in July.
The Department of Revenue said tax collections of $1.899 billion last month were up $102 million or 5.7 percent over July 2017 and came in $7 million above the monthly benchmark.
Income tax collections in July were $48 million, or 4.7 percent greater than last July but $3 million below the monthly benchmark.
Sales and use tax collections came in $26 million ahead of last July and $1 million below benchmark.
Corporate and business taxes were $13 million greater than July 2017 and $6 million above this year’s benchmark.
“July revenues were close to benchmark,” Commissioner Christopher Harding said in a statement. “As expected, there was solid growth over July 2017 in withholding and sales tax revenues. There are no major payments due in non-withholding income or corporate categories in July, so a modest dollar increase generated a large percentage increase against both benchmark and prior year actual. These should not be considered predictive of total FY19 performance.”
DOR said July is “one of the smaller tax collection months” of the year and accounts for 6.7 percent of annual state tax revenue.