The Massachusetts Revenue Department announced that tax revenue for the fiscal year that ended June 30 was up $600 million over last year. Total 2012 tax collections throughout the state were more than $21.1 billion, up 2.9 percent over 2011. Those numbers exceeded projections by about $107 million thanks to sales taxes, corporate and business taxes and motor vehicle sales taxes.
Individual income tax collections made up about $11.9 billion of the state’s total tax collection, but were just shy of the state’s predicted benchmark. While the annual individual income didn’t quite hit state projections, Massachusetts revenue commissioner said the overall increase in tax collections reflects a growth in the state’s economy over the last 12 months.
In the month of June alone, the state also released preliminary number show an even great potential with a monthly increase of $144 million, more than a 6.7 percent increase over tax revenue in June 2011. That’s a whopping $120 million higher than the average monthly benchmark.
The state lists 20 different categories of taxable items:
- Alcohol (Sales Tax on Meals)
- Alcohol Beverages Excise
- Boats, Recreational and Snow Vehicles (Sales and Use)
- Cigarette and Tobacco Excise
- Club Alcohol (Form 180)
- Controlled Substances
- Convention Center Financing
- Corporate Excise
- Fuels Excise
- International Fuels Tax Agreement (IFTA)
- Local Option (Meals and Room Occupancy)
- Meals (Sales and Use)
- Motor Vehicle (Sales and Use)
- Motor Vehicle and Trailer Excise
- Personal Property
- Room Occupancy Excise
- Satellite Excise
- Sales and Use
- Telecommunications (Sales and Use)
In fiscal year 2013, which began July 1, the state is projecting a total of $21.9 billion in total tax revenue.
If you refuse to pay or cannot pay your taxes, the IRS or state department of revenue can garnish your wages or freeze your bank accounts. Working with a tax attorney can help you set up a payment plan with tax officials so that won’t happen.
Source: Boston.com, “Mass. Tax collections up $600M in FY12,” July 18, 2012