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

VIDEO: Introducing MassTaxConnect! posted on Aug 24

Take a look at our newest video introducing you to MassTaxConnect, our new, modernized online tax system. Hear from Commissioner Mark Nunnelly and several DOR employees about what to expect come November 30th when we launch MassTaxConnect for business taxpayers, practitioners, and professionals. Get an   …Continue Reading VIDEO: Introducing MassTaxConnect!

What’s New with MassTaxConnect? posted on Aug 13

MassTaxConnect for Massachusetts Business Taxpayers  Available November 30, 2015!   Things are about to get easier and faster for Massachusetts business taxpayers.  MassTaxConnect will replace WebFile for Business later this year and will feature the best of what WFB offers plus state-of-the-art enhancements to make tax   …Continue Reading What’s New with MassTaxConnect?

F.A.Q. Everything you Need to Know about the Sales Tax Holiday posted on Aug 10

Last week the state legislature passed and Governor Charlie Baker signed into law the Sales Tax Holiday that will officially suspend the state’s 6.25% sales tax for the upcoming weekend of August 15th and 16th. State policymakers have passed an annual summer’s sales tax holiday   …Continue Reading F.A.Q. Everything you Need to Know about the Sales Tax Holiday