Massachusetts Tax Collections Take Hit in April
Secretary of Administration and Finance Glen Shor said Thursday that total collections for April are $110 million below projections for the month.
Shor said in the written statement that collections were down in April due to substantially lower than expected payments with tax returns.
He said that experts had predicted that last year’s capital gains windfall would eventually be offset and that is what’s reflected in April’s “below-benchmark performance to a somewhat greater degree than anticipated.”
Shor said other state have experienced similar tax shortfalls in April.
Even with the dip, the state is still $117 million above revised estimates for the fiscal year.