Earlier today, the Healey-Driscoll administration released its Fiscal Year (FY) 2025 budget proposal. The $58.13 billion spending plan includes critical investments in childcare, education, and transportation; and $1.3 billion in spending supported by income surtax revenues. The Governor’s budget…

Earlier this week, the Healey administration announced a $1 billion tax revenue shortfall for FY 2024, downgrading the revenue benchmark from $40.41 billion to $39.41 billion. They also released a plan to solve the shortfall which includes approximately $375 million in net mid-year (9C) budget cuts…

On January 8th, budget leaders from the House, Senate, and Administration announced a $40.202 billion consensus tax revenue figure for the Fiscal Year (FY) 2025 budget, excluding surtax revenue. Budget writers expect tax revenues to grow by $792 million (2 percent) over estimated FY 2024…

The Healey Administration announced a $1 billion revenue shortfall, attributable to below benchmark revenue collections to date.The FY 2024 revenue benchmark has been downgraded to $39.410 billion.After accounting for the shortfall and the impacts of tax relief, expected FY 2024 revenue collections…

Doug Howgate, the president of the Massachusetts Taxpayers Foundation, said the numbers suggest to him that it’s time for Gov. Maura Healey to revise downward the tax revenue forecast for this year by about $1 billion and begin to pare back spending using her power to make unilateral cuts.

On December 4th, the Massachusetts Taxpayers Foundation (MTF), along with the Department of Revenue (DOR) and other economic experts participated in the annual Consensus Revenue Hearing. The hearing offers administration and legislative budget leaders an opportunity to reassess revenue assumptions…

Analysts with the Massachusetts Taxpayers Foundation believe the hiring spree in the wake of the COVID-19 pandemic will slow, as will wage and salary growth, contributing to the sluggish withholding tax revenues.MTF and several other economic experts on Monday advised officials to reduce their…

State revenues including surtax collections need to increase 5.7 percent over the fiscal 2023 total to hit the fiscal 2024 benchmark, according to Doug Howgate, president of the Massachusetts Taxpayers Foundation. Five months in, the growth so far has been only a single percentage point, well below…

Tax revenues for Fiscal Year (FY) 2024 and FY 2025 settle into a post-COVID pattern of lower growth as the economy slows, impacts from migration and an aging population emerge (Appendix A), and tax reforms take effect. Excluding revenues related to the four percent surtax on income over $1 million…

That’s actually a conservative number. According to revenue forecasts prepared by the nonpartisan Massachusetts Taxpayers Foundation, when excluding the surtax takings, the state will end the fiscal year close to $880 million shy of its own revenue predictions.