Publications: Budget

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  • March 27 2020
    Massachusetts Governor Charlie Baker, Senate President Karen Spilka, and Speaker Robert DeLeo announced the corresponding change for the state tax filing deadline on March 27, 2020.The policy change impacts the Commonwealth of Massachusetts very differently than the federal government and will present tough financial challenges to state decision-makers.
  • March 17 2020
    BOSTON – On March 10, 2020, Governor Charlie Baker declared a state of emergency in Massachusetts regarding the Coronavirus 2019 (COVID-19) pandemic and has ordered sweeping measures to slow the outbreak.
  • March 11 2020

    This analysis describes the steps taken by the governor to balance the budget compared to MTF’s initial projection of an $880 million gap between revenue and spending in fiscal 2021. It also describes ten tough choices confronting legislators as they develop a budget for the upcoming fiscal year.

  • January 23 2020

    Governor Charlie Baker published his budget recommendation for state fiscal year 2021 on January 22, 2020. The plan, also known as House 2 (H.2), is the sixth budget proposal developed by Gov. Baker and the second since his re-election in November 2018.

  • December 4 2019

    Tax revenues will increase by approximately $615 million, or 2.0 percent, to $31.06 billion in fiscal 20211 according to a new forecast released today by the Massachusetts Taxpayers Foundation at the state’s annual consensus revenue hearing. The Foundation estimates capital gains tax revenues of $1.64 billion.

  • October 16 2019
    Though the Commonwealth’s fiscal year 2019 ended June 30th, decisionmakers must make several important choices before the final accounting of the state’s finances for the year can be completed. Most importantly, lawmakers will determine how to allocate the year-end budget surplus, which revised MTF calculations now estimate at approximately $870 million.
  • September 30 2019

    Though the Commonwealth’s fiscal year 2019 ended June 30th, decisionmakers must make several important decisions before the final accounting of the state’s finances for the year can be completed. Most importantly, lawmakers will determine how to allocate the year-end budget surplus, which MTF calculates at approximately $767 million.

  • August 8 2019
    The Commonwealth Stabilization Fund, the state’s “rainy day” fund, is a critical component of the Commonwealth’s financial structure. For example, amid the Great Recession in fiscal 2009, budgeted tax revenue plummeted by nearly $2.7 billion compared to fiscal 2008.
  • August 2 2019
    Governor Charlie Baker signed his fifth General Appropriations Act (GAA) on Wednesday, July 31, 2019, giving his approval to $43.6 billion in spending appropriations. While choosing not to exercise his veto authority to reduce spending, the Governor did veto line-item language in 7 spending accounts and returned 9 of the 108 policy sections to the legislature for further review.
  • July 22 2019
    Massachusetts legislators released their compromise plan for the fiscal 2020 budget, authorizing $43.6 billion in spending for the fiscal year that began July 1, 2019. The six-member budget conference committee reconciled the differences between the budget plans adopted by the House and Senate 21 days after the start of the new fiscal year.