Related to FY 2024
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May 03, 2024
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May 03, 2024
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Mass. collected $1 billion more in tax revenue than expected in April, but state doesn’t plan to reverse spending cuts
The wide swing indicates the state is still navigating an atypical time, particularly with collections in some areas, such as sales tax revenue, still falling below expectations, said Doug Howgate, president of the Massachusetts Taxpayers Foundation, a business-backed budget watchdog group.“You don…
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Apr 26, 2024
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Apr 26, 2024
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Two weeks ago, the House Ways and Means Committee released its budget proposal for Fiscal Year (FY) 2025. While the budget development process for the upcoming fiscal year will consume much of the attention in the coming weeks, the FY 2024 fiscal picture remains unclear and will require careful…
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Jan 11, 2024
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Jan 11, 2024
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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…
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Jan 08, 2024
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Jan 08, 2024
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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…
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Jan 04, 2024
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Jan 04, 2024
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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.
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Dec 05, 2023
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Dec 05, 2023
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Massachusetts tax revenues miss November target by 10.9 percent, now trailing fiscal 2024 projection by $627 million
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…
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Aug 09, 2023
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Aug 09, 2023
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On August 9th, Governor Healey signed the Fiscal Year (FY) 2024 budget; sending back $272 million in gross spending vetoes ($205 million net), amending 8 outside policy sections, and vetoing one policy section. The Governor’s vetoes eliminate the budget’s reliance on $205 million in one-time…
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Jul 31, 2023
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Jul 31, 2023
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The House and Senate are set to enact a Fiscal Year (FY) 2024 budget, totaling $56.2 billion. The conference committee report was filed on July 30th, one month after the start of the new fiscal year. This year, separate tax bill negotiations, the new income surtax, and an uncertain FY 2023 revenue…
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Jul 24, 2023
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Jul 24, 2023
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Three years ago, deliberations on the fiscal year 2021 budget stretched into December while state government grappled with pandemic upheaval. But other than that outlier, overdue budget talks until this year had not stretched past July 23 in more than two decades, according to research from the…
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Jul 22, 2023
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Jul 22, 2023
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Massachusetts lawmakers poised to enter last week of July without a deal on overdue FY24 state budget
The longer the state goes without a plan in place, the more it impacts the ability to implement new programs or expand existing ones, said Doug Howgate, president of the Massachusetts Taxpayers Foundation and former senior policy advisor to Senate President Karen Spilka.
“There’s a whole lot that…
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