Massachusetts experienced a startling $4.5 billion surge in tax revenues in FY 2021 representing 15 percent growth in the midst of the pandemic. MTF projects that FY 2022 revenue growth will remain strong, reaching $37.2 billion or $2.9 billion above the current benchmark. What makes this even more noteworthy is the fact that the FY 2022 revenue benchmark was raised to $34.35 billion from $30.12 billion last fall, as lawmakers gained confidence in the upsurge in revenues in FY 2021. MTF was supportive of this revision. We project revenue growth will moderate in FY 2023, with tax revenues increasing to $37.6 billion.