Mass. tax collections down 14 percent in May
Massachusetts collected $1.28 billion in tax revenue in May, down more than 14 percent from a year ago.
The state took in $211 million less last month compared to May 2008, but collections were ahead of a revised benchmark for the month.
The state Revenue Department reported in a statement Thursday that between the start of the fiscal year last July 1 and the end of May, total tax collections were $16.5 billion. That is $2.2 billion - or 11.5 percent - less than a year ago.
The precipitous drop in revenue has prompted three rounds of budget cuts and set the stage for more in the budget being developed for the 2010 fiscal year.
Governor Deval L. Patrick was slated to release his 2010 budget revisions on Thursday. (AP)