Massachusetts Starts New Fiscal Year With Modest Tax Growth

TS_Money_1516BOSTON (AP) — Massachusetts has started off the new fiscal year with modest tax revenue growth.

Collections for the month of July, the beginning of the 2017 fiscal year, totaled just over $1.7 billion. That’s $36 million, or 2.1 percent, more than last July.

It’s also $7 million above expectations for the month, spurred on by income tax collections, which topped the monthly benchmark by $20 million. Sales tax revenues were down, falling $18 million below expectations for the month.

July is typically one of the smaller tax collection months, with no quarterly estimated payments due for most individuals and businesses.

Revenues for the 2016 fiscal year came in $484 million below predictions, forcing state lawmakers and Republican Gov. Charlie Baker to lower their estimates for 2017.

About CapeCod.com NewsCenter

The award-winning CapeCod.com NewsCenter provides the Cape Cod community with a constant, credible source for local, regional, and national news. We are on the job seven days a week. You can also hear the CapeCod.com NewsCenter by tuning into Ocean 104.7 FM.

Speak Your Mind

*


More From CapeCod.com