BOSTON (WWLP) – We are on our second temporary budget in Massachusetts and lawmakers are preparing to return in September to finalize a full spending plan.
It’s been surprisingly optimistic, in fact, the governor said our tax collections in July looked pretty good. But, that doesn’t mean that Massachusetts is in the clear financially.
This year the tax filing deadline was moved back from April to July, which gave residents more time to pay their state and federal taxes. Now that most of those payments have been submitted, state leaders have a better sense of where we stand financially.
In July, Massachusetts took in close to $4.5 billion, with just over $2 billion coming in from income taxes.
“And sales not just here in Massachusetts but sales generally speaking across the country had seen a pretty big bounce once you got out of the months of March and April,” Gov. Baker said.
The governor acknowledged that some industries have been devastated by the pandemic while others have been able to rebound ok.
Baker said he’s now drawing a conclusion off July’s revenue, and we could still have a tough year financially. It will ultimately be determined by how much money the Federal government is willing to provide to states.