Franklin Matters: In the News: FY 2018 first month revenues; possible sale tax cut for ballot question

Wednesday, August 2, 2017

In the News: FY 2018 first month revenues; possible sale tax cut for ballot question

Two articles related to the State budget. One on the revenues generated in the first month of the new fiscal year (FY 2018) and the second on a possible ballot question put forward by retailers to reduce the sales tax in MA. From the Milford Daily News, articles of interest for Franklin:

"The Massachusetts Lottery surpassed the $1 billion mark in net profits for the first time in its history, raking in $1.035 billion in fiscal 2017 despite declining sales, officials announced Monday.

Estimated sales of $5.093 billion for the fiscal year that ended June 30 dropped below the $5.233 billion in sales the previous year, which marked an all-time high, Lottery executive director Michael Sweeney said Monday at a Lottery Commission meeting.

The Lottery reported a record high of $915 million in Keno sales, attributing it in part to a continued expansion of agents offering the game. Meanwhile, Powerball sales fell by $47.2 million from fiscal 2016 and instant ticket sales dropped 2.7 percent to $3.5 billion."

Continue reading the article online (subscription may be required)
http://www.milforddailynews.com/news/20170801/sales-and-payouts-down-profits-up-at-state-lottery

"Massachusetts voters in November 2018 may have a major tax cut on their ballot to go along with a proposed surtax on high income households.

Retail industry officials are poised to file initiative petitions that would reduce the 6.25 percent sales tax rate to either 5 percent or 4.5 percent, the News Service has learned.

“Massachusetts small businesses that employ thousands of workers are significantly disadvantaged when competing with stores in tax-free New Hampshire and big online retailers,” Jon Hurst, president of the Retailers Association of Massachusetts, said in a statement. “Reducing the state sales tax will help small business remain competitive, while also putting money back in the pockets of those who need it most including seniors on fixed incomes and working class families.”

Continue reading the article online (subscription may be required)
http://www.milforddailynews.com/news/20170801/retailers-will-file-sales-tax-cut-ballot-question