Mass. Sees $600 Million Increase In Tax Revenues From Last Year

July 18, 2012 12:00 AM
Mass. Sees $600 Million Increase In Tax Revenues From Last Year
" BOSTON (AP) — Massachusetts collected about $600 million more in taxes in the fiscal year that ended June 30 than in the previous 12-month period, but income tax collections fell short of official state forecasts, officials said Wednesday.

According to a preliminary summary provided by the state Revenue Department, total fiscal 2012 tax collections topped $21.1 billion, a 2.9 percent gain over fiscal 2011.

“The increase of $600 million in collections reflects a Massachusetts economy that has grown over the past 12 months,” said Amy Pitter, the state’s revenue commissioner, in a statement.

The summary showed total income tax collections of just over $11.9 billion, also a 2.9 percent increase from the previous fiscal year. But income tax collections fell $189 million shy of the state’s revised benchmark "

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