The Commonwealth can celebrate that two years after Massachusetts voters passed the Fair Share amendment, it is working as promised. We have a more equitable tax system that has allowed us to make new, transformative investments in education and transportation. Investments like free school meals, free community college, and free and reduced bus and train fares. Thanks in part to Fair Share, we are one of very few states that has been able to continue critical grants for child care providers that were initially funded by the federal government during the pandemic. With $2.3 billion surtax dollars invested and with more than $1 billion in additional funding available in the coming months, we are seeing that Fair Share is working exactly as was intended.
MassBudget applauds the Legislature for upholding their commitment to the voters. Fair Share revenues are not being used to fill budget gaps in either the House or Senate Ways and Means (SWM) proposals for the FY 2024 closeout supplemental budget. This will allow for greater Fair Share investment in critical education and transportation needs in the coming months. By adopting this approach the Legislature continues to honor the public promise to use Fair Share surtax dollars to build on and expand education and transportation programs.
What’s Next?
Senate Ways and Means released their version of the FY 2024 closeout supplemental budget yesterday. The House version was finalized last week. The final, joint version will be worked out via a conference committee then sent to the Governor. A closeout supplemental budget is filed and passed annually to ensure the prior fiscal year budget is balanced and any outstanding deficits are addressed. It allows Massachusetts to meet mandatory financial requirements and allows the Comptroller to “close the books” on the prior fiscal year.
Click here to see the House’s FY 2024 budget proposal.
Click here to see the Senate Ways and Means FY 2024 budget proposal.
