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Mass. revenues lower in May, but ahead for year

BOSTON (AP) -- The Massachusetts Revenue Department says tax collections in May dropped by more than 6 percent from a year ago but still finished slightly ahead of expectations for the month.

Officials said Wednesday that the state took in $1.5 billion last month. That was $102 million less than in May 2012, but that was mostly attributable to fewer one-time corporate tax settlements.

Revenue Commissioner Amy Pitter said the decline was anticipated and was a result of federal policies implemented in January. Tax collections for May finished $29 million above the state's revised benchmark for the month.

Revenue Commissioner Amy Pitter said the state was $539 million above its revised yearly benchmark heading into June, the final month of the state's fiscal year.