According to the foundation, though, Healey should also consider changes that will encourage higher income workers to stay in and around Boston’s tech hub. “Crafting a package that takes on key costs for historically marginalized communities and working families, while reducing incentives for…

Tax policy is at the forefront of the legislative and fiscal agenda in 2023 as the state implements the income surtax, reassesses a tax package that garnered bipartisan support last year, and welcomes a new gubernatorial administration that has made tax relief a major policy priority. After…

Massachusetts Taxpayers Foundation President Doug Howgate said his preference would be for the Legislature to focus more on tax relief than altering Chapter 62F, although he also said MTF was “happy to look” at proposals for alteration. “The premise that when tax revenues exceed a reasonable…

Chapter 62F of the Massachusetts General Laws establishes a limit on annual state tax revenue collections. The law, passed by an initiative petition in 1986, created a process by which actual tax collections are compared to an allowable tax revenue threshold, adjusted annually on the basis of wage…

During discussion on how to best use those incoming funds on Tuesday, Massachusetts Taxpayers Foundation President Doug Howgate advocated for splitting the revenues 50/50, "half for transportation, half for education." Lawmakers have not committed to how they will divide the money between education…

The state’s 4 percent surtax on income over $1 million is now in effect.  The new tax raises critical policy questions related to its effect on long-term economic growth and its impact on other areas of the tax code.  At the same time, the surtax creates a number of fiscal and tax policy questions…

Doug Howgate, the president of the Massachusetts Taxpayers Foundation, says the law mentions only two pots for the money to go in. “The most straightforward way to do that is to distribute it 50-50,” he said.

Doug Howgate, president of the Massachusetts Taxpayers Foundation, testified he agrees with the overarching premise of Chapter 62F — namely that the state should be required to return excess tax revenues that far exceed projections back to constituents who paid their taxes. “I would also say it’s…

The remaining majority of the dollars would come from estimated payments. Howgate said other non-withholding revenue sources like capital gains are based on the prior year’s tax liability, pushing out the date by which a clear picture of surtax money might emerge. “You are unlikely to see much…

Doug Howgate, the president of the Massachusetts Taxpayers Foundation, said he projects that fiscal year 2024 state revenues will come in at $40.06 billion, an increase of $366 million or about 1 percent over fiscal 2023. “There are numerous cross-currents that affect the forecast, including…