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.
Job Fair Ahead — Mark Your Calendar! posted on Sep 24
FYI– We’re holding a DOR Career Fair Oct. 7th from 6-8:30pm. 100 Cambridge St, Boston. More info to come!
Mission Accomplished posted on Sep 15
They are two dogs with a very unique trick. Meet Fillmore and Max, a canine pair trained specifically to sniff out tobacco. The Massachusetts Department of Revenue recently teamed up with Altria representatives and their tobacco sniffing dogs for a two-day tobacco drive in an …Continue Reading Mission Accomplished
It’s All About Plain Talk posted on Aug 13
Commissioner Amy Pitter wants to be sure that the information going out of DOR to taxpayers is clear and concise. If you received a bill, form or notice from the Department of Revenue and are having trouble understanding what actions you need to take, tell …Continue Reading It’s All About Plain Talk