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Conclusion of the Determination of Whether Net State Tax Revenues Exceeded Allowable State Tax Revenues (FY 21)

The report concludes net state tax revenues of $34,655,837,068 were below the allowable state tax revenues of $36,789,926,416.
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Overview

For the fiscal year ended June 30, 2021, we have determined that the net state tax revenues of $34,655,837,068 were below the allowable state tax revenues of $36,789,926,416 (as defined in Chapter 62F of the Massachusetts General Laws) by $2,134,089,348, resulting in no excess state tax revenues (see Exhibit I). During this fiscal year, $27,511,972,343, or approximately 79% (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.

Date published: September 20, 2021

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