In the News: table games make a return; state revenue collection declines in Dec

From the Milford Daily News, articles of interest for Franklin:

Table games make a return

"In a garage dubbed “The Ice House,” NewsMan the gnome was attempting to prove his worth as part of the guild. To prove his worthiness, NewsMan started a brawl in the guild’s courtyard. 

He managed to knock out Buckland Rogers, the human fighter, but soon met his match against a mysterious cloaked figure. Meanwhile Faelar the Unwanted, a half-giant, cast a few spells that fell weak in comparison to Morduso, warlock of the Raven Queen’s attacks from above. 

In other words, Dungeons & Dragons - aka, “D & D” - along with countless other table games, are back and more popular than ever, drawing people old and young away from the game consoles and into their own imaginations. 

According to David Gallagher, senior director of communications at online startup Kickstarter, board games are definitely back in style. Independent companies have found Kickstarter to be a prized outlet to release their unique games and help fund the manufacturing."

Continue reading the article online (subscription may be required)
https://www.milforddailynews.com/news/20190106/table-games-make-grand-return

Pete’s Nerds Emporium has opened on Main St in Franklin

More signs of a downturn appear

"Add plunging state tax collections to a list of concerns that has recently grown to include a volatile stock market, rising interest rates and increasing talk about when the next recession may hit. 

Tax receipts for December alone missed the monthly benchmark by more than half a billion dollars, erasing months of above-benchmark collections and leaving collections $108 million behind their targets midway through fiscal 2019, according to data released late Friday by the Massachusetts Department of Revenue. 

Income tax estimated payments totaled just $121 million for December, $542 million or 81.7 percent below benchmark and $575 million or 82.6 percent below December 2017. 

“We underestimated the shift of estimated payments from December into January. Early indications are that other states may be having a similar experience,” Revenue Commissioner Christopher Harding said in a statement."

Continue reading the article online (subscription may be required)
https://www.milforddailynews.com/news/20190106/states-tax-haul-plunges-in-december

MassBudget: Sweeter than SALT

Highest-income households get federal tax cuts more than twice SALT losses

MassBudget    Information.    Participation.  Massachusetts Budget and Policy Center    Democracy. Sweeter than SALT: Highest-Income Households Get Federal Tax Cuts More Than Twice SALT Losses  The federal government has enacted very large tax cuts targeted mostly at higher-income taxpayers. The resulting loss of an almost $1.5 trillion in federal revenue is likely to lead to cuts in federal support for programs that are important to people in Massachusetts and to the state budget. Amid these deep tax cuts, a new federal limit on the deductibility of state and local taxes (SALT) has received a lot of attention. Households that itemize deductions and pay over $10,000 in combined state and local taxes will no longer be able to deduct more than this amount when calculating their taxable income for federal taxes. For Massachusetts' highest-income households-those with annual incomes over $1 million-the average tax cuts from other federal changes in the law are more than twice the average size of the impact from the loss of SALT deductibility. Massachusetts' highest-income households will become substantially affluent as a result of the federal tax changes. Households with incomes over $1 million in 2019 are projected to have an average income of $3.4 million. For this group the federal tax changes-including the limits to SALT deduction-represent a combined $2.58 billion tax cut. The average tax cut for these taxpayers will be $95,800 after accounting for the effects on the SALT changes. Read this fact sheet online here. The Massachusetts Budget and Policy Center (MassBudget) produces policy research, analysis, and data-driven recommendations focused on improving the lives of low- and middle-income children and adults, strengthening our state's economy, and enhancing the quality of life in Massachusetts. MASSACHUSETTS BUDGET AND POLICY CENTER 15 COURT SQUARE, SUITE 700 BOSTON, MA 02108

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MassBudget: Explaining the State Budget for FY 2018 Including Veto Overrides

MassBudget Information. Participation.  Massachusetts Budget and Policy Center Democracy. Explaining the State Budget for FY 2018 Including Veto Overrides In the Massachusetts Budget and Policy Center's latest Budget Monitor, "The State Budget for FY 2018 Including Veto Overrides," we see the Fiscal Year 2018 (FY 2018) budget season ending much the way it started: with our state facing difficult fiscal conditions and unable to make the kinds of long-term investments that could significantly improve the quality of life in Massachusetts and expand opportunity in all communities. At this point in the process -- after the Legislature enacted the budget, the Governor made a number of line item vetoes, and the Legislature overrode virtually all those vetoes and approved some supplemental funding -- we have a state budget that makes some modest investments, particularly in education, child welfare, and in addressing substance use disorders. The budget, however, continues to rely significantly on temporary fixes: counting 13 months of sales tax revenue in the 12 months of FY 2018; underfunding a number of accounts that will eventually need to be funded -- such as paying for snow and ice removal; and a number of similar strategies. Altogether the budget includes about $750 million in temporary revenue and underfunded accounts. This makes it highly likely that the state will continue to face serious fiscal challenges next year. A bright spot, however, is tax revenue growth so far this year has been stronger than projected. If that trend continues, it would reduce the need to rely on temporary fixes this year and would put the state in better fiscal condition next year. In the long term, however, there is a significant danger that the federal government will -- to pay for the costs of federal tax cuts -- impose deep cuts in Medicaid, education, and other services currently funded together by the state and federal governments. This Budget Monitor includes the final funding levels of FY 2017, the current FY 2018 budget, and significant policy changes in each area of the budget. Current 2018 budget levels are also compared to 2001 budget where relevant. For more comprehensive data on historic spending levels for each line item and category of the budget, see MassBudget's Budget Browser. For additional detail on programs in the state budget that affect children see our Children's Budget. Click here to read the full Budget Monitor, "The State Budget for FY 2018 Including Veto Overrides," or click below on individual sections: Child Welfare Disability Services Early Education Economic Development Elder Services Environment and Recreation Higher Education Housing Juvenile Justice K-12 Education Law and Public Safety Libraries Local Aid MassHealth and Health Reform Mental Health Other Human Services Pensions Public Health Revenue (tax and non-tax) State Employee Health Insurance Transitional Assistance Transportation Additional Line Item Overrides Summary Chart The Massachusetts Budget and Policy Center (MassBudget) produces policy research, analysis, and data-driven recommendations focused on improving the lives of low- and middle-income children and adults, strengthening our state's economy, and enhancing the quality of life in Massachusetts. MASSACHUSETTS BUDGET AND POLICY CENTER 15 COURT SQUARE, SUITE 700 BOSTON, MA 02108

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MassBudget: Special Business Tax Break Spending Continues to Rise

MassBudget    Information.    Participation.  Massachusetts Budget and Policy Center    Democracy. Special Business Tax Break Spending Continues to Rise The cost of special business tax breaks continues to grow. Today we're releasing an update to last year's report, "The Growing Cost of Special Business Tax Break Spending." Based on new and updated estimates from the administration, the paper shows that the Commonwealth's annual spending on business tax breaks aimed at supporting economic development in Massachusetts continues to rise. These costs are expected to exceed $1 billion for the first time this 2017 fiscal year, and the Department of Revenue projects them to growth further in Fiscal Year 2018. Although often not subject to the regular and close scrutiny given to on-budget programs, spending on these tax breaks is no different in its bottom-line effect than direct spending through the state budget; each limits the resources available for other state priorities. Adjusting for inflation, these costs have increased from $370 million in Fiscal Year 1996 to $1.028 billion projected in Fiscal Year 2018. Last week the Pew Charitable Trusts released a national report ranking the fifty states on how well they evaluate their spending on economic development tax incentives. Massachusetts was ranked in the lowest tier, along with 22 other "trailing" states. The report noted that, "Massachusetts is trailing other states because it has not adopted a plan for regular evaluation of tax incentives." You can read MassBudget's updated analysis of special business tax break spending here (LINK). The Massachusetts Budget and Policy Center (MassBudget) produces policy research, analysis, and data-driven recommendations focused on improving the lives of low- and middle-income children and adults, strengthening our state's economy, and enhancing the quality of life in Massachusetts. MASSACHUSETTS BUDGET AND POLICY CENTER 15 COURT SQUARE, SUITE 700 BOSTON, MA 02108

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3Q tax bills mailed - Due Feb 1, 2017

3rd Quarter Real Estate and Personal Property Bills will be mailed out on Friday, December 30th. The due date for these bill is February 1, 2017.

You can pay online at http://www.franklinma.gov/home/pages/online-payments.

If you are mailing in your payment, please be sure to include the remittance copy with your check.

expanded parking lot at the Senior Center

MassBudget: Cost of special business tax breaks nearly tripled since 1996

MassBudget report examines growth of special business tax breaks

MassBudget    Information.    Participation.  Massachusetts Budget and Policy Center    Democracy. The cost of special business tax breaks has nearly tripled since 1996  A new study by the Massachusetts Budget and Policy Center (MassBudget) shows that the cost to the state from special business tax break spending has nearly tripled, even after adjusting for inflation, from $370 million in 1996 to over $1 billion anticipated in this fiscal year. The Commonwealth forgoes a large amount of potential revenue each year through spending on business tax breaks aimed at supporting economic development in Massachusetts. Although less often a focus of budget debates, spending on these tax breaks is no different in its bottom-line effect than direct spending through the state budget: law makers must offset each dollar from these special breaks with reductions to other public programs or increases to other forms of taxes. The MassBudget report finds that the cost of special business tax breaks began to climb rapidly starting 20 years ago with incentives for the mutual fund industry, manufacturers, and others including the film industry and life sciences companies. And yet, despite the findings of a 2012 report from a state special commission that called for studying their effectiveness, most state business tax breaks have not faced a thorough examination. Back in 2011, the Massachusetts Legislature established a Tax Expenditure Commission to "study carefully for the first time the various exemptions, deductions and credits in the Massachusetts tax code, and to recommend methods for measuring and reviewing their effectiveness." The Commission recommended an overall reduction in the number and cost of these special tax breaks. It also recommended: identifying the clear purpose of each special business tax break; creating clear metrics to gauge their impact; conducting a regular rolling review of whether to let these programs expire; and spelling out clear rules about when the Commonwealth would "clawback" forgone revenues from businesses that fail to deliver the jobs or other kinds of economic development for which the given tax break was originally awarded. Most of these recommendations have yet to be implemented. MassBudget's new report tracks and explains the growth of special business tax break spending, and how it has resulted primarily from three major, industry-specific tax breaks including  for manufacturing companies, mutual fund companies, and tax breaks for movie production companies. The report examines these and a number of other recent tax breaks for businesses in Massachusetts. Read the new report here (LINK). The Massachusetts Budget and Policy Center (MassBudget) produces policy research, analysis, and data-driven recommendations focused on improving the lives of low- and middle-income children and adults, strengthening our state's economy, and enhancing the quality of life in Massachusetts. MASSACHUSETTS BUDGET AND POLICY CENTER 15 COURT SQUARE, SUITE 700 BOSTON, MA 02108

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