Massachusetts budget planners expect to collect at least $300 million more this year – a 11 percent increase over last year’s forecast – from the 2023 Fair Share Amendment income tax surcharge on high-income taxpayers.
Under the terms of the Fair Share law that voters approved in November 2022, the additional funding will finance more statewide public transportation and education programs in the legislature’s fiscal year 2027 budget.
On Wednesday, Massachusetts Secretary of Administration and Finance Matthew Gorzkowicz, Senate Ways and Means Chair Michael Rodrigues, and House Ways and Means Chair Aaron Michlewitz announced their annual “consensus revenue forecast” for the upcoming fiscal year 2027, which will begin on July 1…