Post by Logan on Jun 19, 2016 0:16:12 GMT -6
BOSTON >> Republican Gov. Charlie Baker and the Democratic-controlled Legislature are considering ways to deal with an unexpected and untimely shortfall in Massachusetts tax revenues.
The problem that came to the forefront this past week threatens to slow final negotiations on the state's nearly $40 billion budget for the fiscal year starting July 1. It could also overshadow work on other major bills pending on Beacon Hill in the final weeks of the 2015-2016 legislative session.
Baker's administration now estimates that state tax collections in the new fiscal year will fall as much as $750 million below original projections.
State officials earlier said that the current year is likely to end with a more than $300 million revenue shortfall.
Read more: www.berkshireeagle.com/news/ci_30031723/massachusetts-tax-revenues-come-up-short-by-millions
The problem that came to the forefront this past week threatens to slow final negotiations on the state's nearly $40 billion budget for the fiscal year starting July 1. It could also overshadow work on other major bills pending on Beacon Hill in the final weeks of the 2015-2016 legislative session.
Baker's administration now estimates that state tax collections in the new fiscal year will fall as much as $750 million below original projections.
State officials earlier said that the current year is likely to end with a more than $300 million revenue shortfall.
Read more: www.berkshireeagle.com/news/ci_30031723/massachusetts-tax-revenues-come-up-short-by-millions