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…

Doug Howgate, president of the Massachusetts Taxpayers Foundation, said while April's revenue numbers are "jarring" they’re "not necessarily surprising given the recognition that capital gains and other collection types were likely to decline sharply from last year’s levels." He said the revenue…

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…

Doug Howgate, president of the Massachusetts Taxpayers Foundation, a business-backed budget watchdog, said that while jarring, the numbers aren’t surprising given that some pots of revenue were never going to sustain the peaks of years past. “Today’s revenue collections doesn’t change the…

Massachusetts Taxpayers Foundation President Doug Howgate said the consensus revenue estimate crafted by legislative and administration budget chiefs assumed the impacts from a capital gains slowdown and PTE credits would be "staggered over '23 and '24." "The number is jarring, but I'm not sure '…

Doug Howgate, president of the Massachusetts Taxpayers Foundation, agreed that the causes of the April downturn were on the radar screens of policymakers and analysts, but their timing was unclear. As for tax relief, Howgate said, it is sound from a policy standpoint and doable from a financial…

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…

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