The Department of Revenue today reported that the monthly revenue collection for July came in at $1.353 billion, an increase of $103 million over July of a year ago, representing an 8.2 percent increase and exceeding the montly benchmark by $79 million.
July is a small month for revenue collection as there are no estimated payments for individuals and virtually no such payments for businesses, so the growth spurt came in income tax collections (mostly withholding) and in sales tax.
To examine a one-page spreadsheet outlining the month's collection, click here.
The Commonwealth's target revenue collection for FY11 is $19.098 billion. To put that in perspective, the Commonwealth in FY08 collected $20.88 billion, before the economy went into recession, so there is still nearly a $2 billion gap between FY08 and projected FY11 collections. The FY10 collection was $18.538 billion.
Job Fair Ahead — Mark Your Calendar! posted on Sep 24
FYI– We’re holding a DOR Career Fair Oct. 7th from 6-8:30pm. 100 Cambridge St, Boston. More info to come!
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Commissioner Amy Pitter wants to be sure that the information going out of DOR to taxpayers is clear and concise. If you received a bill, form or notice from the Department of Revenue and are having trouble understanding what actions you need to take, tell …Continue Reading It’s All About Plain Talk