Coronavirus slams through state tax receipts

The Massachusetts Department of Revenue reports state tax revenues were off 52.2% in April, down to just under $2 billion, or $2.17 billion less than the state had expected to take in.

The state could make up some of that 52.2% revenue decline in July, when people and companies who owe money on their annual state taxes now have to file, but state Revenue Commissioner Geoffrey Snyder added that the state likely will still end up bringing in less than expected because of "the overall impact that necessary COVID-19 precautions have on economic activity."

For the state fiscal year, which ends June 30, numbers through April show tax revenues down 7.7% from where the state had budgeted, and 6% down from last year's collections.

DoR cited all of the ways Covid-19 is affecting state tax revenue:

The extension of the income tax filing and payment deadline to July 15, 2020, and the extension of the first estimated payment installment for 2020 to July 15, 2020, certain penalty waivers for the late filing and payment of corporate excise returns and payments and certain sales and meals tax returns and payments, the extension of the payment deadline for certain regular sales tax, meals tax and room occupancy excise payments to June 20, 2020, the close of all non-essential businesses, stay-at-home advisories and the ban on on-site service at bars and restaurants, as well as the impact COVID-19 has had on consumer and corporate behavior, the economy and the stock market.