Officials: State revenues improving, but uncertainty remains
December 07, 2017 07:07 AM
BOSTON (AP) - Massachusetts officials say the state's financial picture appears to be stabilizing.
The Department of Revenue says tax collections through the first five months of the fiscal year are nearly 5 percent higher than a year ago, and are running more than $200 million above benchmarks.
Revenue Commissioner Christopher Harding told a hearing of the House and Senate Ways and Means Committees on Wednesday that he expects the mostly positive trend to continue into the next fiscal year, with tax collections expected to grow by around 3.4 percent.
Revenue shortfalls in the last two fiscal years have forced the state to make spending cuts.
Lawmakers and economists cautioned, however, that despite the recent improvement plenty of factors could still impact future revenue growth, including the federal tax reform bill now before Congress.
Created: December 07, 2017 07:07 AM
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