High-Level Themes: Governor Baker’s Fiscal 2021 Budget
Governor Charlie Baker published his budget recommendation for state fiscal year 2021 on January 22, 2020. The plan, also known as House 2 (H.2), is the sixth budget proposal developed by Gov. Baker...
View ArticleFurther Analysis: Closing the Gap on Fiscal 2021
This analysis describes the steps taken by the governor to balance the budget compared to MTF’s initial projection of an $880 million gap between revenue and spending in fiscal 2021. It also describes...
View ArticleCOVID-19 Impact on State Finances Unknown but Significant
BOSTON – On March 10, 2020, Governor Charlie Baker declared a state of emergency in Massachusetts regarding the Coronavirus 2019 (COVID-19) pandemic and has ordered sweeping measures to slow the outbreak.
View ArticleCOVID-19 Impact: Moving the Tax Filing Deadline
Massachusetts Governor Charlie Baker, Senate President Karen Spilka, and Speaker Robert DeLeo announced the corresponding change for the state tax filing deadline on March 27, 2020.The policy change...
View ArticleThe COVID-19 Pandemic: Where are we; where are we headed?
This preliminary report addresses some of the economic impacts from the most recent data and explores issues that will shape the scale and duration of this global pandemic. While this report is focused...
View ArticleWhat MTF’s Tax Forecast Means for MBTA, MSBA, “Rainy Day” Fund, and Pension...
Today, MTF’s new analysis highlights the implications of our revised forecast on the MBTA, the Massachusetts School Building Authority (MSBA), and other purposes supported by dedicated tax revenue.read...
View ArticleCOVID-19 Budget Letter
The Commonwealth of Massachusetts faces truly unprecedented times as a result of the COVID-19 global pandemic. While everyone remains focused on the most important task of addressing the public health...
View ArticleUpdated FY 2021 Tax Revenue Forecast: $6 Billion Loss
FY 2021 tax revenues are projected to fall by $6 billion or 19.3 percent from the January 2020 benchmark. Massive layoffs push the unemployment rate to nearly 22 percent in Q4 FY 2020, causing...
View ArticleMassachusetts Fiscal Challenges Could Last Years
As a guide for determining how long before Massachusetts tax revenues are restored to pre-pandemic levels, we examined past recessions. Following the recessions of 2002 and 2009, it took three years...
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