BOSTON (AP) — Officials say weak corporate and business tax collections caused the state to fall short of its revenue goals last month.
Department of Revenue Commissioner Amy Pitter said Thursday that preliminary estimates show overall tax collections were up 3.6 percent in March compared with the same month a year ago. But she said stronger than expected income and sales taxes were offset by a more than 8 percent drop in corporate and businesses tax collections, causing the state to miss its revised monthly benchmark by $60 million.
Revenues through the first nine months of the current fiscal year remain $228 million above benchmark.
Pitter said the weak performance in business taxes might have been due to more taxpayers carrying over losses or adjusting their taxable income projections.