This MTF Brief summarizes the key elements of the Governor’s proposal Fiscal background: Massachusetts ended FY 2021 with $34.1 billion in tax revenue - $5 billion higher than the revenue benchmark established in January. $1.1 billion of this surplus is due to capital gains collections that…

Massachusetts Taxpayers Foundations President Eileen McAnneny said employers would love to see their full UI debt from the pandemic canceled, but surmised that "might not be realistic given competing needs. "This obviously doesn't address the whole problem but it's more than a good faith effort to…

In late June, the Massachusetts Taxpayers Foundation published a seven-page analysis that projected the state could wind up with a discretionary surplus from fiscal 2021 of between $1.13 billion and $1.48 billion after accounting for an automatic deposit of up to $1.56 billion in reserves from…

The Massachusetts Taxpayers Foundation, a business-backed research institute, predicted that the state would end the fiscal year in less than three days with a sizable surplus that would allow lawmakers to cover additional spending and deposit money into the “rainy day” account.

Putting the $2.1 billion over-benchmark number for May in context, Doug Howgate of the Massachusetts Taxpayers Foundation said tax collections in Massachusetts have never exceeded benchmarks for any full fiscal year going back to at least fiscal 2006.

The Legislature passed its FY 2021 budget on December 5, hoping to avoid the need for an another interim budget and just days before the FY 2022 consensus revenue hearing that kicks off the next budget process. The budget, now awaiting the Governor’s response, comes in at $46.46 billion or $…

Quickly following the House’s actions, the Senate passed its budget late Wednesday, November 17. The Senate was able to expeditiously conclude its budget debate in two days, in part by adopting four bundled amendments that added $35 million in spending. The Senate budget, totaling $46.15 billion,…

While officials say the threshold will hit only the largest 6 percent of businesses in Massachusetts, the Massachusetts Taxpayers Foundation said the change will be “costly for them at a time many are reeling from the loss of business resulting from the pandemic.” The business-backed…

This week the House debated and passed its budget, four and a half months after the beginning of the fiscal year. With four consolidated amendments adding $24.53 million to spending, the budget, totaling $46.06 billion, is approximately $285 million larger than the Governor’s $45.78 billion revised…

According to the nonprofit Massachusetts Taxpayers Foundation (MTF), fiscal 2021 state revenues have already dropped an estimated $4 billion due to the economic impact of COVID-19, and hopes for a rapid recovery have faded. “The economic recovery will be like a Nike swoosh,” Bragan said,…