Massachusetts tax collections dip below December estimates
BOSTON (AP) — Massachusetts collected $2.56 billion in taxes in December.
That’s 14.6 percent less than what the state took in during the previous December, and 17.1 percent below estimates for the month.
Revenue Commissioner Christopher Harding said most categories of revenue continue to perform as expected, while estimated payments from individual taxpayers are lagging.
He said the payments aren’t due until Jan. 15, but in past years, many taxpayers paid in December to take advantage of federal deductions for state taxes. The 2017 federal tax reform reduced this incentive by placing a $10,000 limit on the deduction for state and local taxes.
So far this fiscal year, revenues total $13.3 billion. That’s about 1 percent below estimates, but 3 percent more than at the same time during the last fiscal year.