Mass. revenues lower in May, but ahead for year
Massachusetts tax collections drop in May, but revenues running higher than expected for year
BOSTON (AP) -- The Massachusetts Revenue Department says tax collections in May dropped by more than 6 percent from a year ago but still finished slightly ahead of expectations for the month.
Officials said Wednesday that the state took in $1.5 billion last month. That was $102 million less than in May 2012, but that was mostly attributable to fewer one-time corporate tax settlements.
Revenue Commissioner Amy Pitter said the decline was anticipated and was a result of federal policies implemented in January. Tax collections for May finished $29 million above the state's revised benchmark for the month.
Revenue Commissioner Amy Pitter said the state was $539 million above its revised yearly benchmark heading into June, the final month of the state's fiscal year.
