Post Content

The Legislature's annual Consensus Revenue Hearing today received DOR's official revenue estimates for FY11 and FY12.

DOR Commissioner Navjeet K. Bal forecast an above benchmark collection for FY11 of between $19.589 billion and $19.681 billion, both well above the current estimate of $19.078 billion. For the coming fiscal year starting July 1, 2011, Bal estimated FY12 revenue between $20.211 billion and $20.343 billion.

Bal's testimony reviewed underlying economic conditions as well as the impact of proposed federal tax law changes. Bal also presented the Legislature's Revenue Committee with a more detailed briefing book chockful of spreadsheets and reports backing up DOR's revenue estimates.

DOR's revenue estimates were close to those offered by the Massachusetts Taxpayers Foundation ($19.632 billion for FY11 and $20.555 billion for FY12) and Economists Alan Clayton-Matthews and James Stock ($19.507 billion for FY11 and $20.269 billion for FY12), but all three were significantly lower than the estimates of the Beacon Hill Institute, which forecast $20.363 billion for FY11 and $21.365 billion for FY12.

Administration and Finance Secretary Jay Gonzalez warned that even with the improving revenue picture, Massachusetts faces a revenue shortfall of between $1 billion and $1.5 billion in FY12 due largely to the loss of federal stimulus funds.

 

Written By:

Recent Posts

MassTaxConnect for Fiduciary Taxes – Get Started on December 5, 2016! posted on Nov 14

With WebFile for Income Stepping Aside, MassTaxConnect Steps Up MassTaxConnect, the Commonwealth’s new tax revenue system, will be expanding to include fiduciary and other taxes on December 5, 2016. As you may already know, WebFile for Income is now officially closed as we prepare to   …Continue Reading MassTaxConnect for Fiduciary Taxes – Get Started on December 5, 2016!

November 6: WebFiIe for Income Makes Way for MassTaxConnect posted on Nov 4

WebFile for Income says goodbye as MassTaxConnect welcomes more taxpayers In anticipation of MassTaxConnect expanding to include 10 additional tax types, WebFile for Income will say goodbye to users on November 6 at midnight. Save the date – pay bills electronically through November 6 If   …Continue Reading November 6: WebFiIe for Income Makes Way for MassTaxConnect

Form CA-6 is Going Away on October 31: What You Need to Know posted on Nov 1

Amendments and abatements are now separate processes       Form CA-6 is like an old friend and now we have to say goodbye. It was very useful for filing abatements or amending returns. Now those processes will be separated, as they’ve already been for business taxpayers. Hello   …Continue Reading Form CA-6 is Going Away on October 31: What You Need to Know