BOSTON – Massachusetts’ revenue collections for March 2012 totaled $1.802 billion, up $28 million, or 1.6 percent, from March 2011. However, despite the gain, total tax collections were $29 million below the revised monthly benchmark.
According to the Mass. Department of Revenue, year-to-date tax collections totaled $14.697 billion through March, up $343 million, or 2.4 percent, from the same period a year ago. They are $87 million below the state’s benchmark.
According to a statement, March is the largest corporate and business excise tax collection month of the year. Payments with tax returns and extensions are due for most corporations for the prior tax year, as are the first corporate estimated payments for the current tax year.
According to the department, March income tax refunds totaled $287 million, down $21 million, or 6.9 percent, from March 2011. Income tax payments with returns and bills totaled $76 million, down $3 million or 3.4 percent from a year ago.
Corporate/business tax collections of $604 million for March 2012 were down $32 million or 5.1 percent from a year ago. Sales and use tax collections of $373 million in March 2012 were up $10 million, or 2.9 percent from a year ago. •