Tax revenues will increase by approximately $615 million, or 2.0 percent, to $31.06 billion in fiscal 2021 according to a new forecast released today by the Massachusetts Taxpayers Foundation at the state’s annual consensus revenue hearing. The...

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...

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...

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...

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...

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...

The Commonwealth of Massachusetts may be on track to end fiscal year 2019 with a surplus of approximately $522 million according to a new analysis. MTF outlined a framework for handling any fiscal 2019 surplus, including (1) Add to the state’s “rainy...

As you know, tax revenue collections through May 2019 exceeded expectations by $952 million. If this strength continues through June, budgeted tax revenue will grow nearly seven percent over the strong fiscal 2018 collections.

The Massachusetts Taxpayers Foundation asks lawmakers to consider five questions before casting their votes: 1) Does this income tax surcharge meet the standards of a sound tax policy? 2) Will the estimated $1.9 billion in new tax revenue materialize...

Last week, the Massachusetts State Senate finalized its version of the fiscal year 2020 budget after considering the Senate Committee on Ways and Means (SWM) budget proposal and the 1,142 amendments filed by Senators. The differences between the...