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.
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