That includes a drop in capital gains collections this year after they were “just through the roof” over the past two years and the likelihood that pass-through-entities would claim credits owed to them by the state, which in turn lowered how much they paid, said Doug Howgate, president of the Massachusetts Taxpayers Foundation.

As far as revenue projections used by Gov. Maura Healey and House leaders to craft the state budget, Howgate said those assumptions “remain reasonable.”

“That’s not to say we’re not closely monitoring May and June revenues and stuff can change,” he told the Herald Thursday. “The times of the last two years, those are not normal budget times, and we can’t pretend like they are. But I don’t think we also want to hit the panic button.”