On July 28th, Governor Baker signed the FY 2023 budget. In doing so, the Governor essentially agreed with the legislative spending plan, vetoing just $475,000, however, he also proposed a number of changes to the policy provisions in the budget, returning 41 sections with amendment. This bulletin…

Through the middle of June, the final month of fiscal 2022, Massachusetts had collected $39.199 billion in tax revenue for fiscal year 2022, enough that the Massachusetts Taxpayers Foundation estimated a surplus in the neighborhood of $3.5 billion.

The Senate engrossed a $5.1 billion spending, economic development, and tax relief package last week, increasing the fiscal impact of the bill by $271.3 million during floor debate.  This Brief summarizes the new spending, tax, and policy provisions added through amendment.  The bill will…

The Senate leadership’s economic development bill does spend more on environmental infrastructure overall than the House, according to a Massachusetts Taxpayers Foundation analysis, once items such as electric-car chargers are factored in. But Mass Audubon president David O’Neill said it’s…

Just days after the House concluded its debate, the Senate Committee on Ways and Means (SWM) released its version of a $4.8 billion proposal that makes direct appropriations, authorizes capital spending, proposes tax relief and includes economic development policy initiatives. The bill spends from…

The House engrossed a $4.8 billion spending, economic development, and tax relief package last week increasing the fiscal impact of the bill by $499.2 million after two days of debate.  This Brief summarizes the new spending, tax, and policy provisions added during the House debate.  The…

The House and Senate have enacted a $59.6 billion fiscal year (FY) 2023 budget, which includes all major spending proposals in either budget as well as several new large investments in areas like early education, K-12, and transportation. The conference budget includes close to $2.8 billion more…

Less than three weeks before the end of formal session, House Ways and Means has released a $4.3 billion bill that makes direct appropriations, authorizes capital spending and proposes tax relief. This massive bill includes $2.55 billion in immediate spending in FY 2022 surplus and American Rescue…

The Department of Revenue is still counting, but the budget watchers at the Massachusetts Taxpayers Foundation expect that the Legislature will have a surplus of $3.6 billion when the final accounting of the fiscal year that ended last week is complete. Through May, the state had collected $36.969…

Fiscal year 2023 began on July 1st, but policymakers have yet to close the books on FY 2022 which requires disposing of a significant budget surplus. This Brief provides an estimate of the surplus and examines how it fits in to the larger fiscal picture.