Eileen McAnneny, president of the Massachusetts Taxpayers Foundation, projected fiscal 2021 tax revenues will amount to $27.27 billion, about 3.9 billion - 12.5% less - than the commonwealth’s original benchmark set in January. It’s lower than the $6 billion shortfall MTF projected in June. McAnneny said she doesn’t expect the fiscal situation to improve much. “Massachusetts' economy has been propped up by various forms of federal financial assistance,” she said of the first quarter of the fiscal year. “As these sources of income are exhausted amidst growing uncertainty, the state’s fiscal situation is expected to deteriorate.”
October 08, 2020
FY 2021
Massachusetts tax revenue could range from $25.9B to $28.4B in fiscal 2021, DOR commissioner says
Eileen McAnneny, president of the Massachusetts Taxpayers Foundation, projected fiscal 2021 tax revenues will amount to $27.27 billion, about 3.9 billion - 12.5% less - than the commonwealth’s original benchmark set in January. It’s lower than the $6 billion shortfall MTF projected in June. McAnneny said she doesn’t expect the fiscal situation to improve much. “Massachusetts' economy has been propped up by various forms of federal financial assistance,” she said of the first quarter of the fiscal year. “As these sources of income are exhausted amidst growing uncertainty, the state’s fiscal situation is expected to deteriorate.”
