Conclusion
For the fiscal year ended June 30, 2020, we have determined that the net state tax revenues of $30,164,388,908 were below the allowable state tax revenues of $35,514,892,070 (as defined in Chapter 62F of the Massachusetts General Laws) by $5,350,503,162, resulting in no excess state tax revenues (see Exhibit I). During this fiscal year, $24,235,306,450, or approximately 81% (see Exhibit III), of the net state tax revenues were derived from income and sales and use taxes, which are traditionally the largest sources of revenue received by the Commonwealth.
During our current audit period, Section 12 of Chapter 53 of the Acts of 2020 extended the income tax filing and payment deadline to July 15, 2020 for any income tax filings and payments due April 15, 2020. In addition, pursuant to Section 87 of Chapter 62C of the General Laws, the state Department of Revenue invoked its administrative authority to extend the April 15, 2020 and June 15, 2020 quarterly estimated income tax payment deadlines to July 15, 2020. Section 3 of Chapter 78 of the Acts of 2020 required the Comptroller of the Commonwealth to record income tax payments that were originally due in fiscal year 2020, but were received between July 1 and August 31, 2020, as fiscal year 2020 revenue. Refunds made during the period July 1, 2020 through August 31, 2020 for tax filings due July 15, 2020 were recorded as revenue reductions.
| Date published: | October 15, 2020 |
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