Mass. beat revised estimates for revenue

Mass. officials say state beat revised estimates for tax collections in last fiscal year

Associated Press

BOSTON (AP) -- State officials say Massachusetts has beaten its most recent forecast for tax collections in the just-completed fiscal year.

Preliminary figures released by the Revenue Department on Wednesday show the state took in more than $22.1 billion in taxes during the 12-month period ending June 30. That was about $1 billion, or nearly 5 percent, above the previous fiscal year and exceeded the state's revised benchmark by $627 million.

The benchmark was lowered in December when it appeared revenues were lagging.

Gov. Deval Patrick responded at that time by reducing spending, though he later restored some of the cuts after the state's financial fortunes brightened. State officials attributed the turnaround to several factors, including a surge in investment income spurred by federal tax changes, and higher than expected corporate profits.

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