Massachusetts could see severe financial impacts as businesses close to contain virus

Boston Statehouse

BOSTON (WWLP) – The state could see some severe financial impacts as a result of this public health crisis. 

Last July, the governor signed a $43.3 billion state budget, well that budget could take a hit as a result of this pandemic. Economic experts believe the impacts of this pandemic will be felt in next year’s state budget. 

Lawmakers worked hard all session on a plan to direct money towards things like education and public transportation. Sales tax in Massachusetts, which is at 6.25 percent, is also expected to take a hit due to a lack of tourism and public spending. 

The state does have a robust (rainy day fund) to help respond to this ongoing public health crisis, but Gov. Baker is calling on the federal government to put partisanship aside and pass a bill that will help all states. 

“The debate around the economic package in the senate, well frankly, it’s appalling,” said Baker. “But I can’t say I’m surprised. I’ve watched and seen governors and mayors and other elected officials completely shift their focus to the task at hand without the slightest partisan bend. So, I know it’s possible if they choose to for DC to do the same.” 

Right now, there’s a lot of uncertainty when it comes to the future of the economy, but elected officials in Massachusetts say they are working together on a long-term plan for the state. 

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Only on | Digital First

More Digital First

State Police Overtime Scandal

More State Police Overtime Investigation

Trending Stories

Coronavirus News

More Coronavirus

Donate Today

Contests and Sweepstakes