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

Are you ready to join the DOR Team? posted on Oct 30

At the Department of Revenue, we are committed to recruiting and retaining talented people throughout the New England region. We have many positions open for a seasonal workforce to join our team. What’s a Seasonal position? Seasonal positions are essential jobs that help the Department   …Continue Reading Are you ready to join the DOR Team?

Tax Security 2.0 – A “Taxes-Security-Together” Checklist posted on Jul 16

DOR is sharing the following IRS “Taxes-Security-Together” checklist to increase awareness amongst taxpayers, and specifically tax professionals, about safeguarding private taxpayer information. The “Taxes-Security-Together” Checklist Some tax pros may routinely overlook these checklist items and others need to regularly revisit them. The steps are not   …Continue Reading Tax Security 2.0 – A “Taxes-Security-Together” Checklist

Why do most Massachusetts taxpayers file electronically? Lots of good reasons. posted on Mar 17

If you haven’t filed your Massachusetts personal income tax return, there are very good reasons to consider e-filing.  Millions of taxpayers have already taken advantage of e-filing, the most convenient way to get your taxes done. Why are we confident that e-filing is the very   …Continue Reading Why do most Massachusetts taxpayers file electronically? Lots of good reasons.