Massachusetts Tax Revenues Fall Short, But Trend Higher

The economic impact of the COVID-19 crisis on Massachusetts is being seen in a $3 billion tax revenue shortfall for fiscal year 2020, as reported by the Department of Revenue. Yet that news came in conjunction with a report that July tax revenues were higher than expected, at $4.5 billion. Part of the July collections will go toward closing the 2020 budget gap, while the remainder will go into the FY2021 budget.

The larger than expected July numbers were boosted by moving the normal April 15 tax filing deadline to July 15. A clearer picture of state revenues will come once August and September collections are tallied.

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