Saturday, July 25, 2020

State Budget for FY 2021 not likely until September

From the Milford Daily News, articles of interest for Franklin:
"Massachusetts tax collections in the fiscal year that ended June 30 are about $3 billion lower than what budget managers were expecting when they crafted the $43.3 billion state budget a year ago, according to preliminary data released Friday by the Department of Revenue. 
Revenue officials said incomplete revenue collections for fiscal year 2020 so far total $27.276 billion, which is $2.417 billion or 8.1 percent less than fiscal year 2019 and $3.014 billion or 9.9 percent below the year-to-date benchmark. 
But because the tax filing deadline was moved from April 15 to July 15 and DOR is still collecting fiscal 2020 taxes, the agency said the fiscal 2020 revenue total is expected to be updated over the next several weeks." 
“Approximately 81 percent of the year-to-date shortfall is in non-withheld income tax, which is due in large part to the deferral of the deadlines for personal income tax returns and payments and the first two estimated payment installments to July 15, 2020,” Revenue Commissioner Geoffrey Snyder said. “DOR will be releasing a full FY2020 revenue report in September because recently enacted legislation requires the Comptroller to record income tax payments received between July 1 and August 31 as FY20 revenue. We will continue to closely monitor these delayed FY20 revenue collections.”
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August funding bill submitted by Gov Baker
The message for Gov Baker on H-4869

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