Doug Howgate, president of the Massachusetts Taxpayers Foundation, praised the underpinnings of Healey’s tax relief package to “retain families, seniors and employers.” “The proposal laid out today would help make Massachusetts less of an outlier compared to its peers and help the commonwealth…

Today, Governor Healey announced the details of a tax relief proposal that she plans to file in conjunction with her Fiscal Year (FY) 2024 budget proposal on March 1st. The tax package, which has an FY 2024 budget impact of $742 million and an annualized impact of $986.5 million, shares key…

But tax reform can’t fall by the wayside again. Massachusetts is indeed a wonderful place to live — for those can afford it. So expanding the existing child and dependent care tax credit would, according to the Taxpayers Foundation, benefit more than 500,000 tax filers caring for more than 1…

Tax policy is at the forefront of the legislative and fiscal agenda in 2023 as the state implements the income surtax, reassesses a tax package that garnered bipartisan support last year, and welcomes a new gubernatorial administration that has made tax relief a major policy priority. After…

MTF is publishing eleven policy previews on these and other topics to help policymakers and the public begin the session with a clear understanding of where issues stand and the policy questions that must be addressed in the months ahead.  Each preview:  Provides a brief background on…

Chapter 62F of the Massachusetts General Laws establishes a limit on annual state tax revenue collections. The law, passed by an initiative petition in 1986, created a process by which actual tax collections are compared to an allowable tax revenue threshold, adjusted annually on the basis of wage…

Budget leaders from the House, Senate, and Administration have agreed on a $40.410 billion consensus tax revenue figure for the fiscal year 2024 budget. Budget makers expect tax revenues to grow by $642 million (1.6 percent) over estimated FY 2023 collections of $39.768 billion. Notably, the…

The state’s 4 percent surtax on income over $1 million is now in effect.  The new tax raises critical policy questions related to its effect on long-term economic growth and its impact on other areas of the tax code.  At the same time, the surtax creates a number of fiscal and tax policy…

Following a startling $11.5 billion surge in FY 2021 and FY 2022, tax revenues for this year and next settle into a lower and slower growth pattern as global risks escalate. MTF projects that FY 2023 revenues will top the $39.62 billion benchmark by $75 million and grow to $40.06 billion in FY 2024…

This is a two-part virtual meeting on December 2 from 10:00 am - 12:00 noon and December 9 from 10:00 am - 12:00 noon. Please click here or on the image below to learn about and register for this event.