BOSTON – The Mass. Department of Revenue says the state saw a February monthly collection of $1.011 billion in revenue, $38 million greater than the monthly benchmark. That amounted to a $79 million increase over February 2011.
Year-to-date tax collections total $12.895 billion, up $315 million, or up 2.5 percent from a year ago. However, that figure is $58 million below the revised fiscal 2012 revenue estimate of $21.010 billion.
According to a news release, February is historically the smallest net tax-collection month of the fiscal year as there are no quarterly estimated or final annual tax payments due. Refunds are also heavy in February.
February collections had previously exceeded $1 billion in 2008, $1.147 billion, and in 2010, $1.004 billion. •
Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
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