SUMMARY
As required by law, summaries are written by the State Attorney General.
This proposed law would change the limit on how much revenue the state can collect in a given year. The proposal would limit state revenue in a given year to the net amount of state revenue from the year before, increased by a rate equal to the average growth of wages and salaries in Massachusetts over the most recent three years. If revenue collected by the state in a given year exceeds the limit, the excess amount would be refunded to taxpayers the following year. The proposed law would include all revenue from the surtax on incomes over $1 million when calculating the revenue limit and when determining whether state revenue exceeds the limit.
The provisions of the proposed law would all be effective as of July 1, 2027.
The proposed law states that, if any of its parts were declared invalid, the other parts would stay in effect.
WHAT YOUR VOTE WILL DO
As required by law, the statements describing the effect of a "yes" or "no" vote are written jointly by the State Attorney General and the Secretary of the Commonwealth.
A YES VOTE would change the limit on state revenue collection, tying it to prior year collections plus average wage and salary growth, and provide for a rebate of revenue exceeding that limit.
A NO VOTE would make no change in the law relative to state revenue collection.
STATEMENT OF FISCAL CONSEQUENCES
As required by law, statements of fiscal consequences are written by the Executive Office of Administration and Finance.
The proposed law would put stricter limits on allowable annual revenue growth available for budgeting. As a result, the proposal would reduce the amount of money available to support the state budget, which includes local aid for schools and municipal budgets. The proposal would also reduce the amounts available to build the state's Stabilization, or "rainy day," Fund – a reserve of money set aside to help Massachusetts manage economic downturns or emergencies without raising taxes or making major spending cuts. Depending on future conditions, the proposal could change the frequency of statutorily-required refunds to taxpayers.
Additional info - https://ma.omniballot.us/sites/25/vg/app/vig/voter-guide/info/14
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via Dan Kennedy:
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| https://commonwealthbeacon.org/ballot-question/ |
It's freely available for republication online and in print." https://commonwealthbeacon.org/ballot-question/
