#2023-18, August 12, 2023

Governor Healey Signs $56 Billion Fiscal Year 2024 (FY2024) Budget

Governor Maura Healey (D – Arlington) signed the $56 billion FY2024 budget into law on Wednesday. The budget sets aside roughly $580 million for possible tax relief legislation that remains in conference and may be considered after the Legislature’s August break.

We are pleased to see Association-supported language aimed at further tackling the mounting so-called “crumbling foundation” issue in the central and southern part of the state be included in the final FY’24 bill. The language, offered by former Senator Anne Gobi (D- Spencer), seeks implementation of testing for the troublesome element, pyrrhotite, at quarries throughout Massachusetts.

Other language, which aims to add Prudent Investor Standards as an additional option for trust funds managed by municipalities, which was carefully vetted and redrafted - with the Association’s input – is also included in the final budget bill.

For more information on the FY2024 budget, click the links below:

• FY 2024 Final Budget (malegislature.gov)
• Healey signs $56 billion state budget more than a month into fiscal year – Boston Globe
• Fiscal Year 2024 Budget Final Compromise Bill
• Massachusetts Taxpayers Foundation – FY2024 Conference Committee Report Summary

Fiscal Year 2023 (FY2023) Collections Totaled $39.164 Billion

With the FY2024 budget completed and signed into law, the Healey Administration unveiled year-end tax collections for FY2023 yesterday, which totaled $39.164 billion – nearly $2 billion less than FY2022 year-end collections. The FY2024 budget raised spending roughly 6.2% over last year’s budget.

Administration and Finance Secretary Matthew Gorzkowicz said that Massachusetts is on track to close out FY2023 without dipping into the state’s ‘rainy day’ account.

To read more about the FY2023 year-end collections, click here.

Massachusetts Department of Revenue (DOR): July 2023 Revenue Collections Total $2.670 Billion

The MA DOR reported July 2023 revenue collections totaled $2.670 billion -- $264 million (11%) more than collections in July 2022. To read more about the July 2023 revenue collections, click here.

Sales Tax Holiday – August 12 & 13

The sales tax holiday will be held on Saturday, August 12 and Sunday, August 13. Most retail items of up to $2,500 purchased in Massachusetts for personal use will be exempt from sales tax. To learn more about this weekend’s sales tax holiday, click here.

Update: Beacon Hill Report

August is typically a slow month at the State House as legislators conduct business in their districts and with few formal legislative sessions scheduled. As such, there may not be a Beacon Hill Report each week. We look forward to being back in your email inbox on a weekly basis after Labor Day!

As always, don’t hesitate to reach out to us directly with any questions.