On Beacon Hill: July tax receipts buoy state budget outlook [plus videos]

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From State House News Service

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Massachusetts State House

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Massachusetts State House


TOP OF THE HILL

State tax collections in July halt months-long revenue slog

Despite dire warnings from the Baker administration about overly optimistic tax collection estimates used to build this year’s $39.1 billion state budget, the first month of the new fiscal year ended in the black, with receipts beating benchmarks by $7 million, according to revenue officials.

The Mass. Department of Revenue announced Aug. 3 the state collected more than $1.7 billion in July, or 2.1 percent more than in the same month last year. Income, corporate and business taxes all beat projections for the month, while sales and use taxes and withholding collections missed their mark.

“We are close to benchmark for the first month of fiscal year 2017,” Revenue Commissioner Michael Heffernan said in a statement. “July saw modest growth in income tax revenues and lower-than-expected growth in overall sales tax revenues. We will watch revenues closely to identify potential trends in our collections.”


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