May Tax Collections Beat Expectations, But Revenues Still $439M Below Projections For Fiscal Year
Massachusetts has taken in more than $1.9 billion in tax collections in May — about $30 million or 1.6 percent above expectations.
Despite the bump up, total revenue collections for the state are still $439 million below projections for the 2017 fiscal year, with just a month left.
Revenue Commissioner Michael Heffernan said Monday that the state is continuing to see steady year-to-date growth in revenues from income withholding taxes, which he described as a sign of a healthy economy.
But he said the longer-term trend of revenues coming in below projections for the 2017 fiscal year hasn't changed.
Earlier Monday, Republican Gov. Charlie Baker said his administration has been making budget adjustments during the past three months to deal with the ongoing shortfall and ensure the budget is balanced.