![]() With just two months left in the current fiscal year, tax collections are running $2.17 billion, or 6.3 percent, behind last year’s pace and $1.17 billion, or 3.5 percent, below the forecasted amount.īeacon Hill officials issued statements on Wednesday suggesting the shortfall won’t have a huge impact. Now those residents are claiming credits for their earlier payments, and pushing tax revenues down. Those residents paid higher taxes in 2021 as part of a workaround to a federal tax change. Wealthier residents taking advantage of a state scheme to reduce their federal tax payments also played a role. It appears capital gains tax revenues came in less than expected. The state Department of Revenue said tax revenues in April totaled $4.78 billion - $2.16 billion less than a year ago and $1.43 billion, or 23 percent, less than forecasted. ![]() ![]() “If nothing else, it’s a reminder that our expectations are subject to the laws of fiscal gravity.” ![]()
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