MTF’s President Eileen McAnneny said, “while our revised tax revenue forecast has improved since MTF’s April projection, the improvement is due largely to unprecedented levels of federal financial assistance. Numerous headwinds could slow the pace of economic recovery.” McAnneny noted, “The Massachusetts’ economy has been propped up by various forms of federal financial assistance - $1,200 individual payments, PPP loans, and enhanced and extended unemployment benefits. These funds buoyed withholding, sales and corporate tax collections to date, but as they are exhausted amidst growing uncertainty about the pandemic’s course, the state’s fiscal situation could further deteriorate.”
October 07, 2020
FY 2021
FY 2021 Tax Revenue Forecast – October Update
MTF’s President Eileen McAnneny said, “while our revised tax revenue forecast has improved since MTF’s April projection, the improvement is due largely to unprecedented levels of federal financial assistance. Numerous headwinds could slow the pace of economic recovery.” McAnneny noted, “The Massachusetts’ economy has been propped up by various forms of federal financial assistance - $1,200 individual payments, PPP loans, and enhanced and extended unemployment benefits. These funds buoyed withholding, sales and corporate tax collections to date, but as they are exhausted amidst growing uncertainty about the pandemic’s course, the state’s fiscal situation could further deteriorate.”
