Advocates promised the new tax would bring in over $1 billion a year in new revenue. And they quickly saw their predictions surpassed: the state Department of Revenue estimates it will generate over $1.5 billion this fiscal year.
The Massachusetts economy and state tax revenues are expected to see “moderate growth” and Beacon Hill can expect to make further adjustments following record-high collections in the immediate post-pandemic years.
According to revenue forecasts prepared by the nonpartisan Massachusetts Taxpayers Foundation, the state will end the fiscal year close to $880 million shy of its own revenue predictions.
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