The next major step in the FY 2024 budget development process began today with the release of the House Committee on Ways and Mean’s (HWM) budget proposal. Coming just six weeks after Governor Healey filed her administration’s inaugural budget, the $54.8 billion HWM spending plan makes significant investments in education, transportation, and the state’s workforce pipeline.
Like the Governor’s proposal, the HWM budget includes $1 billion in spending supported by income surtax revenues. But while Governor Healey’s FY 2024 budget also reflected the cost of her $987 million tax policy proposal filed in companion legislation, the HWM proposal reflects the first year costs of the $1.1 billion reform package announced earlier this week. The House’s tax reform package is estimated to have a FY 2024 cost of $654 million, with a net budget impact of $587 million.