On January 14th, budget leaders from the House, Senate, and Healey administration announced a $44.9 billion consensus tax revenue figure for Fiscal Year (FY) 2027, including $42.2 billion in non-surtax revenue and $2.7 billion related to the income surtax. Non-surtax revenues are expected to grow…

As budget writers prepare for the Fiscal Year (FY) 2027 budget development process, they continue to closely monitor FY 2026 revenue collections and the myriad factors—stemming from both state and federal action—that impact the stability of the state budget. The task before the Administration,…

On December 16th, 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 assess current revenue…

The Massachusetts Taxpayers Foundation (MTF) projects Fiscal Year (FY) 2026 non-surtax revenues to fall $73 million below the FY 2026 benchmark, ending the year at $41.14 billion. FY 2027 non-surtax revenues are projected to grow $884 million or 2.2 percent to $42.03 billion, providing minimal…

Last week, MTF published a fiscal update brief reviewing Fiscal Year (FY) 2025 tax revenue collections, the current budget balance estimate, and the Healey-Driscoll administration’s closeout supplemental budget. It included MTF’s recommendation for swift action by the Legislature on the final…

State budget officials and policymakers have reached the point during the calendar year when it is necessary to balance the demands of three fiscal years at one time. The Healey administration’s closeout supplemental budget proposal for Fiscal Year (FY) 2025 was filed on August 14 and awaits…

The pandemic hugely disrupted the state’s economy and workforce, as unemployment rates jumped from 3.1 percent in February 2020, one of the lowest in state history, to 17.8 percent in April 2020, the highest in over four decades. During the pandemic, state and federal unemployment benefits were…

The same day that Governor Healey signed the Fiscal Year (FY) 2026 budget, while trimming $130.2 million in spending, she filed a supplemental budget proposing several fiscal management tools to help the state address revenue volatility or unmet spending needs in the months ahead.This brief is the…

On July 4th, Governor Healey signed the Fiscal Year (FY) 2026 budget; sending back $130.2 million in spending vetoes. Inclusive of the Governor’s budget actions, line-item spending in the FY 2026 budget would total $60.9 billion, a $3.1 billion (5.4 percent) increase over the FY 2025 General…

The House and Senate are preparing to enact a Fiscal Year (FY) 2026 budget, totaling $61.03 billion in line-item spending. The compromise budget includes $443.4 million less in spending than the final House budget and $395.1 million less in spending than the Senate budget, meaning that the…