Massachusetts took in $1.27B in tax revenues in February

BOSTON (AP) - Massachusetts took in $1.27 billion in tax revenues in February - significantly less than anticipated.

The total was $238 million - or 15.8 percent - less than what the state took in during February of last year.

It’s also $172 million below the estimate for the month.

Much of that falloff came in income tax collections which were $154 million below the monthly estimate.

Corporate and business taxes were $6 million below the estimate. Sales and use tax collections fell $16 million below the estimate.

Revenue Commissioner Mark Nunnelly said several factors - including timing issues related to refunds and withholding payments as well as weaker bonus payouts - contributed to February’s revenue picture.

An increase in income tax refunds also accounted for $33 million of the shortfall.