Massachusetts Revenue Collections Beat Benchmarks in 2015 

moneyBOSTON (AP) — Massachusetts tax revenues for the fiscal year that ended in June were nearly 6 percent higher than the previous year, and beat benchmarks by about $391 million.

Department of Revenue Commissioner Mark Nunnelly announced Thursday that 2015 collections totaled more than $24.7 billion, about $1.35 billion higher than 2014.

June collections were almost $2.66 billion, up $127 million or 5 percent from last June, and $4 million above the monthly benchmark.

Nunnelly says the better-than-expected revenue for the year was due to greater than anticipated income tax payments, which were offset slightly by lower than expected sales and use tax collections.

He said the annual revenue performance reflects a strong state labor market and increased investment-related income, including capital gains, interest and dividends.

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