Economy in Massachusetts is continuing to show strength
BOSTON (AP) — The economy in Massachusetts is continuing to show strength in the first months of the year.
In February, the state pulled in $1.53 billion in tax revenues. That’s an increase of $69 million or 4.7% over estimates and $115 million or 8.1% more than actual tax collections in February of last year.
So far this fiscal year through February, revenue collections have totaled nearly $18.43 billion.
That’s $909 million or 5.2% more than the same fiscal year-to-date period in 2019, and $176 million or 1% more than the estimate at this point in the current fiscal year, which began July 1.
Acting Department of Revenue Commissioner Kevin Brown said most major revenue categories performed as expected in February. He credited the above-benchmark performance for the month largely on the estate tax.
“With approximately 60% of revenue collections in the door for Fiscal Year 2020, we continue to see overall steady, moderate growth above both prior year and benchmark on a fiscal year-to-date basis,” Brown said in a written statement.
February has historically been the lowest month for revenue, contributing less than 6% of annual collections. Neither individual nor business taxpayers are required to make estimated payments during the month.