Mass. Revenue Down $400 Million

The state's tax revenues continue to take a hit.

Tax collections were down $409 million last month, compared to the same time last year, a decline of about 14 percent.

But state revenue commissioner Navjeet Bal says state officials were expecting the declines:

BAL: They are in line with our benchmark, that is what we expected to see. So if that trend holds up, then I think we'll be okay for the rest of the fiscal year '09.

Last month's tax collections were hurt by a sharp drop-off in capital gains taxes.

This program aired on February 5, 2009. The audio for this program is not available.