The Massachusetts Taxpayers Foundation, a budget watchdog group backed by businesses, estimated the state’s revenue for the next fiscal year could drop $3.9 billion, or 15 percent, below past projections. New York said revenues could fall by as much as $15 billion in its fiscal year that started April 1. Illinois is expecting more than $7 billion in lost revenue through July 2021.
April 28, 2020
ECONOMY
Can the US economy recover from coronavirus if the budgets of its states are a fiscal disaster?
The Massachusetts Taxpayers Foundation, a budget watchdog group backed by businesses, estimated the state’s revenue for the next fiscal year could drop $3.9 billion, or 15 percent, below past projections. New York said revenues could fall by as much as $15 billion in its fiscal year that started April 1. Illinois is expecting more than $7 billion in lost revenue through July 2021.
