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When A Surplus Is Not Extra
Sometimes a “surplus” is not really a surplus at all, and the term “tax surplus” can be particularly misleading. A tax surplus occurs when tax collections come in higher than the amount expected when the state created its budget at the beginning of the fiscal year. When that initial estimate turns out to be too low, there is a “surplus.” It does not mean that the state budget has already met the needs of the moment or that there is extra unneeded revenue.
Options for Targeted Tax Relief and a Warning About Estate Tax Changes
June 10, 2022 To: House and Senate Ways and Means Committee members and staff Re: Options for Targeted Tax Relief and a Warning About Estate …
Ready for Resolution: The Fiscal Year 2023 Senate Budget
After debate and quick consideration of more than 1,000 amendments, the Senate increased their Fiscal Year (FY) 2023 budget bottom line by more than $90 million. The budget debate has highlighted the power of this $50 billion bill to set the tone and the direction for the state in the year to come.
ALL BUDGET RESOURCES REPORTS
COVID-19 Updates: State Budget & the Pandemic
Learn about the pandemic’s impact on the state budget process, essential programs, and how we can prepare for the road to recovery with our Policy …
That’s A Relief Part II: Federal Fiscal Relief for Community Development in the CARES Act
Read That’s A Relief Part I: Federal Fiscal Relief to Massachusetts in Recently-Passed Legislation here. The federal Coronavirus Aid, Relief, and Economic Security Act (“CARES Act,” or …
That’s A Relief Part I: Federal Fiscal Relief to Massachusetts in Recently-Passed Legislation
Learn what federal relief though the CARES Act, the Coronavirus Relief Fund, and other recently passed legislation means for the Commonwealth during the public health crisis.
Responding to the COVID-19 Crisis: Filling Gaps in Federal Cash Support for Individuals and Families
Congress enacted billions of dollars in new direct cash assistance to individuals and families during the crisis, but there’s still work to be done to ensure people are not left behind. Learn what state-level solutions are available to fill the gaps.
Amid plummeting state tax collections, the Commonwealth has options
It’s a sudden economic freefall like no other. By some estimates, Massachusetts will have 473,000 COVID-induced job layoffs and furloughs by summer. Most people with jobs won’t make or spend as much in the months ahead.
It’s Raining: An FAQ on Using Our State Savings Account to Respond to the COVID-19 Crisis
What is the Rainy Day Fund? The Stabilization Fund — often referred to as the “Rainy Day Fund”– is a cushion for times when state …
Taxing the GILTI: By Reversing 2018 Policy, MA Can Fight Corporate Tax Dodging & Raise $450 Million a Year [Corp. Tax Series Pt.5]
In a costly decision, the Massachusetts Legislature voted in 2018 to allow businesses to exclude 95 percent of GILTI from Massachusetts taxation. This choice will cost the Commonwealth as much as $450 million in lost revenue in the current tax year (2020). This is revenue that otherwise would come exclusively from profitable, multinational corporations doing business in Massachusetts – and in particular, from ones that are choosing to game the tax code.
FY 2021 GOVERNOR’S BUDGET: Transportation – Governor proposes more funding, partly reversing past cuts
The Governor’s FY 2021 budget proposal is notable for acknowledging the need for more transportation investment to improve our current road and transit systems. This brief details how the proposal would partly reverse some earlier cuts to transportation programs that have likely held back performance.
FY 2021 GOVERNOR’S BUDGET: Summary – Lack of new revenues constrains Governor’s ability to make bold moves
Big changes are afoot for Massachusetts in the coming fiscal year. FY 2021 is the start of a seven-year overhaul of school funding and lawmakers have bold plans to modernize the state’s transportation system. But growth in the money to pay for these and other public services is expected to slow in the coming fiscal year and likely beyond.
FY 2021 BUDGET PREVIEW: Four items to watch in the budget debate
The yearly budget cycle kicks off this week with the Governor’s proposal for the Fiscal Year (FY) 2021 budget. In preparation, MassBudget published a series of briefs that highlight some major stories to watch in the FY 2021 debate. This is a summary of four key stories highlighted in our series.
FY 2021 BUDGET PREVIEW: Revenue Expectations for the FY 2021 State Budget
With a new commitment to increasing state K-12 education funding and the ever more obvious need to repair and upgrade our transportation systems, will lawmakers have the revenue to make the necessary investments in these and other budget priorities?
FY 2021 BUDGET PREVIEW: Delivering on the K-12 Education Funding Overhaul & the Student Opportunity Act (SOA)
Now that the state has revamped its education funding formula, how will lawmakers fund these changes in this first year of implementation?
FY 2021 BUDGET PREVIEW: Will the Transportation Budget Reflect New Realities? 6 Things to Look Out For
Will the Governor’s FY 2021 budget proposal indicate his commitment toward improving public transit, developing regional rail, reducing traffic congestion, and other priorities?
