The Fiscal Year (FY) 2024 budget process reached another milestone today with the release of the Senate Committee on Ways and Means (SWM) budget proposal. The $55.9 billion SWM spending plan differs from earlier proposals as it was not released in conjuncture with a tax reform bill. However, the…

That includes a drop in capital gains collections this year after they were “just through the roof” over the past two years and the likelihood that pass-through-entities would claim credits owed to them by the state, which in turn lowered how much they paid, said Doug Howgate, president of the…

Major Trends in Local Finance Municipal revenues and expenditures increased by 5.7 percent ($1.8 billion) from fiscal year (FY) 2021 to FY 2022; the highest rate of growth since FY 2007. The strong rate of growth in FY 2022 is partially the residue of the pandemic. In FY 2021, municipal resources…

The House finalized its $54.9 billion Fiscal Year (FY) 2024 budget this week after adding $129.7 million in spending over the course of three days of debate. The House took action on 1,566 amendments through a combination of 7 consolidated amendments and 3 separate votes. Some form of at least 773…

Members can register here, and non-members, please contact MTF Membership Director Debbie Carroll for more information! 

Members can register here, and non-members, please contact MTF Membership Director Debbie Carroll for more information! 

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…

And if that move will generate a big backlash, you wouldn't know it from the reaction of the business-backed Massachusetts Taxpayers Foundation. "The most important thing is that as we collect more tax revenue than any reasonable person would have expected, we're giving back that tax revenue to…

Doug Howgate, president of the Massachusetts Taxpayers Foundation, said consideration of Healey’s tax proposal needed to account for more than the surtax alone. Between fiscal 2015 and 2022, Massachusetts tax revenue increased more than 60%, from $24.7 billion to $41.1 billion, which Howgate said…