Mass. Tax Revenues Projected To See Moderate Increase
BOSTON (AP) — Massachusetts revenue officials are projecting a modest growth in tax collections for the fiscal year that begins July 1 — unofficially kicking off the budget-writing season on Beacon Hill.
Revenue Commissioner Amy Pitter said collections for the 2014 fiscal year should be in the range of $22.1 billion to $22.5 billion.
She said that’s an increase of $688 million to $977 million over projected revenues for the current fiscal year.
The estimate is key to the development of a so-called “consensus revenue figure” for the new fiscal year — a kind of best guess that allows the governor and House and Senate lawmakers to draft their own versions of the state budget.
The final budget for the new year must be approved by lawmakers and signed by Gov. Patrick by the end of June.
Copyright 2012 The Associated Press.