Massachusetts Governor Deval Patrick released his FY2014 budget
recommendations to mixed reactions from the legislature and
business community due, in part, to the tax changes proposed.
This article briefly discusses the budget proposal and outlines the
next steps in the budget drafting process.
To address the Commonwealth's balanced budget requirement
and expected shortfalls in revenue, as well as concerns about the
repairs needed to aging roads and bridges, Massachusetts Governor
Deval Patrick released his fiscal year 2014 budget proposal, which
contains some of the largest tax increases in more than a
decade. Governor Patrick's proposals would increase the
state income tax from 5.25 percent to 6.25 percent, providing an
additional $2.81 billion in revenues. They would also amend
the tax code with respect to corporate income tax items,
bringing in an extra $200 million. While the governor
proposed decreases in the state sales tax, the net increase in
total
