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Report: Massachusetts sees slight increase in June tax collections

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(The Center Square) – Revenue collections in Massachusetts in June’s mid-month report are 1.6% higher than last year, according to the state Department of Revenue figures.

Massachusetts brought in $2.27 billion in tax collections in the first half of June, Revenue Commissioner Geoffrey E. Snyder said, in a month where many individuals and corporations are mandated to make tax payments. Those collections were $36 million more than last June.

In a letter to the Legislature, Snyder said that typically June is a “significant month for revenues” and, historically, accounts for 11.1% of annual revenue brought in by the state. June, on average, is the second or third-largest revenue month.

According to the letter, the increases in month-to-date numbers reflect regular sales and withholding taxes that are partly offset by decreases in collection for corporate and business tax and other taxes.

For the month of June, according to the letter, income tax revenue collections were set at $1.22 billion, up $43 million, or 3.6%, over last June. Meanwhile, sales and use taxes came in at $178 million, a 19.7% increase of $29 million over last year.

According to the letter, Massachusetts’ collections for corporate and business taxes were down $21 million from last June, with collections of $811 million. Other taxes collected were $65 million, down $15 million, or 19.1% from last year.

According to the letter, the total income tax, set at $1.22 billion for June, consisted of $734 million in withholding taxes, up $49 million over last year, and estimated payments came in at $466 million, down $15 million from last year.

According to the letter, returns and bills of $52 million fell $1 million from last year. Refunds reached $28 million, down $10 million from last year. Sales and use tax is up $29 million, with a total of $178 million collected, over the same time as last year.

According to the letter, regular sales tax collections were set at $96 million, up $30 million from last year, and the meals tax showed a $2 million drop over the previous year with $25 million collected. Motor vehicle sales taxes were up $1 million over last year at $56 million.

Corporate and business taxes were set at $811 million, down $21 million last year. According to the letter, the decrease is partly due to a reduction in estimated payments.

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