“which we do expect to reverse in the second half of this fiscal year”

"STATE REVENUE collections missed the mark by nearly 5 percent in January, with the $3.834 billion that the Department of Revenue reeled in landing $192 million, or 4.8 percent, shy of the previous January’s collections and $185 million or 4.6 percent below the monthly benchmark.

It is the first time since June 2020 that DOR has announced that tax collections have failed to live up to the administration’s monthly expectation. The $21.643 billion that DOR has collected through seven months of fiscal year 2023 is $229 million, or 1 percent less, than actual collections in the same period of fiscal 2022. Tax receipts are the primary source of funding for this year’s state budget, which grew by 10 percent.

The sluggish January numbers may affect the appetite of the Healey administration and the Legislature for tax cuts this year."

Continue reading the article online at CommonWealth Magazine ->

https://commonwealthmagazine.org/uncategorized/state-tax-revenues-miss-mark-for-first-time-since-june-2020/ 

Some of the variability in forecast vs. actual is due to the "pass thru entity" or PTE accounting for which there is a good explanation of in this article.

The golden dome of the State House. (Photo by Andy Metzger)