Mass. reports March tax revenue gains

BOSTON -- Massachusetts reports March collections were up more than 4.8 percent compared with last year.

Revenue Commissioner Amy Pitter said Wednesday preliminary revenue collections came in $87 million higher than last March.

Pitter said higher-than-expected corporate and business tax collections offset weaker income tax and sales tax to end the month $30 million above the official prediction.

Tax collections since the fiscal year began last July total nearly $15.3 billion.

That's $587 million, or 4 percent, more than a year ago and $363 million above the estimate for this point.

Pitter said March is the largest collection month for corporate payments because tax returns for the previous year are due along with the first quarterly estimated tax payments.

She said the state still needs to be cautious because there's uncertainty about the overall economic picture.