Mass. reports jump in September tax revenue gains
BOSTON (AP) — Massachusetts is reporting September tax collections that were up 9.5 percent compared with what the state took in during last September.
Revenue Commissioner Amy Pitter said Thursday that preliminary revenue collections for the month totaled $2.42 billion or $210 million higher than last year.
That’s also about $59 million above the monthly benchmark based on the 2014 fiscal year revenue estimate of nearly $22.8 billion.
September is the third month of the new fiscal year.
Pitter said better than quarterly estimated income and corporate tax payments in September more than offset the shortfall in withholding tax payments.
Tax collections through September are $199 million above the year-to-date benchmark.
Pitter said a significant portion of the year-to-date surplus, $70 million, is due to one-time tax settlements in July and August.