Mass. revenue behind year-to-date benchmark

BOSTON – The Mass. Department of Revenue said this month that May revenue was up $292 million from the same month last year, but that collections were not sufficient enough to make up for revenue losses experienced in April due to the filing extension to May 11.
Despite collecting $1.573 billion in May, the state was $70 million below its year-to-date benchmark with one month left before the close of Fiscal Year 2010, which ends on June 30. The state set a benchmark of $18.46 billion for the entirety of fiscal 2010.
The state had extended the deadline for filing taxes due to devastating floods in the area this spring. Shortfalls for the combined April/May period in payments with 2009 returns and extensions probably reflected a decline in capital gains due to past economic performance, the department said.
Despite the gap between collections and the benchmark, Department of Revenue Commissioner Navjeet K. Bal said in a statement that there were indicators of a “continued economic turnaround.” Personal income tax withholding and 2010 estimated payments, as well as sales and use tax and corporate collections, were above the state’s benchmark. &#8226