Boston Fed sees R.I. Q2 tax revenue drop of at least $287M

RHODE ISLAND's second quarter tax revenue was projected to decline between $287 million and $482.4 million year over year, depending on the rate of unemployment in the state. / AP FILE PHOTO/ANDREW HARNIK
RHODE ISLAND's second quarter tax revenue was projected to decline between $287 million and $482.4 million year over year, depending on the rate of unemployment in the state. / AP FILE PHOTO/ANDREW HARNIK
PROVIDENCE – The Federal Reserve Bank of Boston on Thursday projected Rhode Island’s state tax revenue will decline between $287 million and $482.4 million year over year in the second quarter. The report examined three possibilities for impacted tax collections due to the COVID-19 crisis: a low-unemployment scenario, a mid-unemployment scenario and a high- unemployment…

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