Massachusetts is expected to see $40.410 billion in tax revenue for the Fiscal Year 2024.
Per the consensus revenue forecast by Secretary of Administration and Finance Matthew J. Gorzkowicz, Senate Ways and Means Chair Michael J. Rodrigues (D-Westport), and House Ways and Means Chair Aaron Michlewitz (D-Boston), this projection will be a 1.6 percent increase from Fiscal Year 2023.
The agreement also estimates an additional $1 billion in revenue that will be available in FY24 due to the passage via ballot referendum of the “Fair Share Amendment” which enshrined in the state constitution a four percent surtax on income over $1 million. They said this additional revenue will be used to fund new education and transpiration initiatives.
The Secretary of Administration and Finance also projected an increase in the FY23 forecast, and an agreement to utilize $100 million in FY23 to fully pay down pension liabilities for the 2015 Yearly Retirement Incentive Program about four years ahead of the previously established pension schedule.
Senator Rodrigues, who represents a large portion of the SouthCoast on Beacon Hill, said that this projection demonstrates that the Commonwealth is fiscally healthy and able to continue making key public investments in important policy areas such as transportation and education.
“This consensus revenue agreement for Fiscal Year 2024 provides a strong foundation for the Legislature and the Healey-Driscoll administration to develop a forward looking FY24…
