BOSTON (AP) - Massachusetts is reporting July tax collections that were up 9 percent compared with what the state took in last July.
Revenue Commissioner Amy Pitter said Monday that preliminary revenue collections for the month totaled $1.58 billion or $132 million higher than last year.
That's also about $75 million above the monthly estimate for the month based on the total revenue estimate for the 2014 fiscal year of $22.45 billion.
Pitter said the July surplus was almost exclusively due to $70 million in one-time settlement-related tax payments which are required to be deposited in the state's rainy day fund.
July is the first month of the new fiscal year.
She also said that July is typically a small month for revenue collections because there are no quarterly estimated payments due for most businesses and individuals.