The tax collection shortfall is the first since fiscal year 2020, when revenues missed expectations by about $693 million early in the COVID-19 crisis.
Published August 14, 2023Beacon Hill will deposit less money into savings and could face a budget deficit after tax revenues in fiscal year 2023 fell nearly half a billion dollars short of original projections, the Healey administration announced Friday.
However, every dollar of the revenue shortfall -- estimated at between $39 million and $177 million depending on how lawmakers proceed -- does not translate one-to-one into a budget deficit. A Healey administration official who would communicate only on background estimated Friday that available tax revenue in FY23 was about $39 million less than the amount lawmakers and former Gov. Charlie Baker factored into the annual state budget.
If needed, Massachusetts still has about $1.3 billion from previous years' surpluses and onetime federal pandemic relief sitting in a"transitional escrow account," though the official said using that money might not be necessary. DOR reported Friday that it collected $4.137 billion in June 2023, about $6 million or 0.1 percent less than in June 2022 and $394 million or 10.5 percent above the most recent monthly benchmark. After adjusting for the net impact of a pass-through entity excise, June collections were $9 million or 0.2 percent less than the same month last year and $274 million or 7.5 percent above benchmark.
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