Official Predicts Bump In Mass. Tax Collections
BOSTON — 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.
Last week, Gov. Deval Patrick called for a series of mid-year spending cuts to help close a $540 million budget gap after slower-than-expected growth in state tax collections for the current fiscal year
The estimate for next year 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.