(BOSTON- December 16, 2015) The Beacon Hill Institute is pleased to offer its revenue forecast for Fiscal Year (FY) 2016 and (FY) 2017.
BHI predicts that tax revenues will be:
* $25.9 billion in FY 2016, 4% over FY 2015, and
* $27.4 billion in FY 2017, 5.6% over FY 2016.
The 4% increase for FY 2016 and the 5.6% increase in FY 2017 are largely driven by a stronger recovery in the growth of state personal income. The New England Economic Partnership projects state personal income to increase by 6.0% and 5.1% in Calendar Year (CY) 2016 and 2017, respectively. The BHI estimate does not include a separate forecast for capital gains tax revenue which is often volatile.
The entire release which includes a survey of the national and state economies is available here.