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Jan 08, 2024
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Jan 08, 2024
Publication
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…
Publication
Jan 04, 2024
News Item
Jan 04, 2024
News Item
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.
News Item
Dec 12, 2023
Publication
Dec 12, 2023
Publication
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…
Publication
Dec 10, 2023
News Item
Dec 10, 2023
News Item
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…
News Item
Dec 05, 2023
News Item
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…
News Item
Dec 04, 2023
Publication
Dec 04, 2023
Publication
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…
Publication
Dec 04, 2023
News Item
Dec 04, 2023
News Item
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.
News Item
Nov 29, 2023
Publication
Nov 29, 2023
Publication
Governor Healey filed her administration’s FY 2023 closeout supplemental budget on September 13th, and versions of the spending bill were passed by the House and Senate on November 8th and 14th, respectively. While the House and Senate bills largely reflect shared spending that is necessary to…
Publication
Nov 07, 2023
Publication
Nov 07, 2023
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On October 19th, the Healey administration announced its plan to pursue the federal funding opportunities available through the Infrastructure Investments and Jobs Act (IIJA), Inflation Reduction Act (IRA), and Creating Helpful Incentives to Produce Semiconductors Act (CHIPS). The proposal would…
Publication
Oct 31, 2023
Publication
Oct 31, 2023
Publication
The Fiscal Year (FY) 2024 budget was signed into law on August 9th, but four months into the new fiscal year, work remains for administrative and legislative budget writers to close the books on FY 2023. This work – typically marked by the passage of a closeout supplemental budget – is completed…
Publication