SEPT. 30, 2025…..Three months into the fiscal year and two weeks out from a key deadline, state budget managers got word Tuesday that their estimates for state tax revenue could be too high by more than half a billion dollars and indicated they have “a lot of options” to consider should they opt to make any midyear budget alterations.
The sweeping federal law that President Donald Trump signed on the same day that Gov. Maura Healey signed the annual budget for Massachusetts is projected to take a $650 million bite out of state tax revenues this budget year, Revenue Commissioner Geoffrey Snyder said Tuesday.
Snyder told participants at a rare midyear economic roundtable convened by Administration and Finance Secretary Matthew Gorzkowicz and the co-chairs of the Joint Ways and Means Committee that the One Big Beautiful Bill Act makes more than 100 changes to the federal tax code, about 30 of which trigger an impact to Massachusetts tax collections based on how the state couples its tax rules to the federal code…