The Massachusetts Department of Revenue (DOR) Commissioner Geoffrey Snyder yesterday announced that preliminary revenue collections for April 2023 declined sharply from the April 2022 collections, by a total of $2.2 billion or 31%. Total annual revenue for the current FY23 is now running behind projections, potentially requiring the Administration to take other steps to balance the budget. At this time, there is no indication that the Administration is considering emergency 9C cuts to bring the budget into balance.
The April 2023 decline state tax revenue comes into play as the Senate Ways and Means Committee is working to finalize its upcoming FY24 budget recommendation, scheduled to be released later this month.
We will keep members posted on budget developments.