Massachusetts’ July revenue collections showed positive signs for employers: The new fiscal year is off to a good start.
July revenues were $7 million above expectations. Sales and income tax collections were up. And state government seems to be exercising a modicum of spending restraint.
“July is a small tax collection month with no quarterly estimated payments due for most individuals and businesses,” Revenue Commissioner Mark Nunnelly said. “Withholding continues to be strong but was largely offset this month by lower than expected corporate and business collections, and higher personal income tax refunds.”
Compared to last year’s revenue figures at this time, collections increased by $77 million — or about a 4.8 percent increase.
