Beacon Hill Officials Agree on Budget Estimates
Top budget officials in the Patrick administration and the Massachusetts House and Senate have agreed on a single estimate for how much the state is expected to collect in revenue in the fiscal year beginning July 1.
That estimate is $24.3 billion.
Of that, nearly $1.2 billion is expected to come from taxes on capital gains. About 10 percent – or $122 million – of those capital gains dollars would automatically be deposited in the state’s rainy day savings fund.
The consensus tax revenue estimate for the 2015 fiscal year is in the middle range of tax revenue growth estimates projected by economists and others at the December hearing at the Statehouse.
The estimate for the new fiscal year reflects growth of about 4.9 percent above a revised tax revenue estimate of $23.2 billion for the current fiscal year.