The hopes for a sharp and immediate rebound from the COVID-19 shutdown in Massachusetts are no longer realistic, according to the Massachusetts Taxpayers Foundation, which is now predicting a long and slow climb that will strain state resources. State revenues may not fully recover until 2025, MTF…

MTF recently downgraded its FY 2021 tax revenue forecast to a loss of $6 billion, representing a nearly 20 percent decline from the $31.15 billion consensus benchmark. At 20 percent, the revised forecast places Massachusetts towards the higher end of preliminary estimates of revenue…

Budget watchdogs dashed hopes for a quick recovery from the economic havoc wrought — seemingly overnight — by the coronavirus pandemic, warning the devastation of plummeting tax revenues and widespread unemployment could leave a red mark on state and local budgets for years to come and spur tough…

The Massachusetts Taxpayers Foundation, a leading Beacon Hill watchdog group, recently revised its tax revenue forecast for next year, now predicting the state could collect $6 billion less than anticipated just five months ago. The foundation also predicted a tax revenue shortfall of between $700…

But defeat of the override will seem like a spring shower compared to the hurricane-sized threat posed by a potential COVID-caused loss of $800,000 to $1 million in state aid. A report released Monday, May 18, by the Massachusetts Taxpayers Foundation estimates that fiscal 2021 state tax revenues…

Last week, the Massachusetts Taxpayers Foundation estimated that state tax revenues will fall by $6 billion, or nearly 20 percent, in the next fiscal year, from the revenue outlook that state leaders established in January. DeLeo conceded that the Legislature will likely tap into the state’s $3.5…

The Massachusetts Taxpayers Foundation, a state watchdog group, issued a revised report this week projecting the state could collect $6 billion less in tax revenues in fiscal 2021 because of the coronavirus pandemic. MTF President Eileen McAnneny projected in April that the state would collect $4.4…

A Beacon Hill watchdog projects the state is facing a $6 billion revenue shortfall in the fiscal year that starts July 1. The report from the Massachusetts Taxpayers Foundation said Massachusetts will need to find new revenue, or drastically cut spending. WAMC’s Pioneer Valley Bureau Chief Paul…

“More current data indicate that the economy is unlikely to ramp up quickly and the job loss will be far greater than originally expected. As the size, scope, and duration of this public health crisis grow, we have revised our forecast to reflect the deteriorating economic outlook. With rapidly-…

FY 2021 tax revenues are projected to fall by $6 billion or 19.3 percent from the January 2020 benchmark. Massive layoffs push the unemployment rate to nearly 22 percent in Q4 FY 2020, causing withholding taxes to decline by $1.9 billion. Shutting down economic activities and the loss of personal…