FY 2021 looks promising for Massachusetts, Dept. of Revenue reports

Massachusetts

CHICOPEE, Mass. (WWLP) – The Department of Revenue reported a potentially promising sign given predictions that receipts could collapse this fiscal year.

State tax collections are running $124 million or more than 3 percent ahead of their pace one year ago. State officials have estimated that fiscal 2021 tax collections could fall anywhere from $2 billion to $8 billion below this year’s levels.

Massachusetts is also without a plan for the fiscal year 2021 budget, which typically would be in place by now.

Instead, the state is running on a $16.53 billion interim budget to keep state government operating through the end of October.

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