Sources: Rasky Partners, State House News Service
The FY26 consensus revenue hearing took place on December 2, 2024. The hearing provides the Legislature and the Administration the opportunity to discuss anticipated tax revenue collections for FY26 and is considered the first official step in the state’s budget process. Legislative leaders and the Administration will have to agree on a state tax revenue estimate for fiscal 2026 by Jan. 15, 2025 before Governor Healey files her FY26 budget proposal.
During the hearing, both Administration officials and legislative leaders cited softening non-surtax revenue collections, escalating spending demands, and uncertainty around federal policies as challenges heading into FY26. Doug Howgate of the Massachusetts Taxpayers Foundation (MTF) presented the MTF’s tax revenue forecast for FY25 and FY26, which includes projected non-surtax revenues of $40.9 billion in FY26, a 3.1 percent increase over the revised FY25 estimate. Attached is a summary of MTF’s forecast.
Department of Revenue Commissioner (DOR) Geoffrey Snyder noted that Fair Share revenues totaled about $2.43 billion, or $200 million more than the FY24 surtax collections estimates. At the same time, experts encouraged decisionmakers to revise the monthly benchmarking process to better account for surtax collections.
Additionally, the Capital Debt Affordability Committee is expected to meet this week regarding the Committee’s estimate of the total amount of new debt that prudently may be authorized for FY26. While the Committee’s estimates are advisory and are not binding, the Committee is required to submit this estimate to the Governor and the Legislature by December 15th of each year. The Governor determines the total amount of capital spending for each fiscal year and the amount of new state debt that is considered
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