An Act relative to limiting state tax collection growth and returning surpluses to taxpayers
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes to limit the growth of state tax collections and return any resulting surpluses back to taxpayers. It aims to create a system where state tax revenue increases are capped, and any excess revenue beyond that cap is distributed back to residents. The bill is currently being reviewed by a special committee and has undergone several rescheduling of hearings. It is related to previous proposals regarding initiative petitions and ballot question committees.
Key provisions
- Limits the annual growth of state tax collections.
- Directs the state to return any surplus revenue to taxpayers.
- Requires the Executive Office of Administration and Finance to report on revenue growth.
- The bill is currently under review by the Special Joint Committee on Initiative Petitions.
- Addresses potential mechanisms for distributing surplus revenue.
Who is affected
- Taxpayers in Massachusetts
- The Commonwealth of Massachusetts
- The Executive Office of Administration and Finance
Notable changes
- Introduces a mechanism for capping state tax revenue growth.
- Establishes a process for returning surplus revenue to taxpayers.
Bill text
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