The Healey-Driscoll administration has released its inaugural budget, 8 weeks after being sworn into office. The $54.8 billion spending plan builds in ongoing tax relief, while making major new investments in several critical areas, and continues to build long-term reserves. It includes $1 billion in spending supported by income surtax revenues. While the filing of the Governor’s budget represents only the beginning of the state budget development process, it plays an important role in shaping the conversations and deliberations to occur between the House and Senate over the coming months.
Following two years of surging tax collections and the passage of the largest tax increase in two decades, Fiscal Year (FY) 2024 presents policy makers with unique opportunities to provide meaningful tax relief to Massachusetts families and businesses and deploy new resources in support of education and transportation.