Massachusetts tax receipts shattering recent record collections, new data show
A third of the way into fiscal 2022, state tax collections are trending about 20 percent ahead of the pace that led to a roughly $5 billion surplus in fiscal year 2021, the Department of Revenue announced Wednesday.
State tax collectors took in $2.445 billion last month — $356 million or 17 percent more than what was collected in October 2020 and $197 million or 8.7 percent more than what DOR was expecting to collect, Revenue Commissioner Geoffrey Snyder said.
October generally brings in about 6.5 percent of the state’s annual tax revenue.
October 2021 revenue collections increased in all major tax types in comparison to October 2020 collections, including withholding, non-withholding, sales and use tax, corporate and business tax, and ‘all other tax’,” Snyder said.
Read more: https://www.masslive.com/news/2021/11/massachusetts-tax-receipts-shattering-recent-record-collections-new-data-show.html
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