Mass.' July Tax Take Was $60M Above Projections
Massachusetts revenue officials say the new fiscal year began much as the last one ended, with tax collections coming in stronger than projected.
The state on Tuesday reported preliminary revenue collections of nearly $1.5 billion in July, a 6.6 percent increase from the same month a year ago.
Revenue Commissioner Navjeet Bal says last month's collections exceeded benchmarks by $60 million.
The gain was primarily due to a nearly 10 percent increase in revenue from income tax withholding.
Sales taxes were down slightly from July 2010, and there was little or no change in corporate and business tax collections last month.
July is the first month of the 2012 state fiscal year. Tax collections for the fiscal year that ended June 30 were $723 million above full-year projections.
This program aired on August 2, 2011. The audio for this program is not available.