Budget Update
On May 27th, the Senate finalized the FY23 Budget, spending about what the House proposed to spend.
Based on the strong outcomes of both the House and the Senate budget, the final FY23 budget should include great increased investments in education, and housing, among other things. While making room for tax relief and growth of state reserves, the surge in revenues over the past couple of years has allowed Massachusetts to pursue major spending obligations that will have an integral and extremely beneficial impact on its citizens.
Now, the Senate and the House versions of the budget are in the Conference Committee. The Conference Committee reconciles the difference between the two competing versions of the budget, and one single budget is then presented to the House and the Senate for a vote. Once it passes the House and Senate, it is sent to the Governor for a signature. The new fiscal year will begin on July 1st.
I anticipate a separate discussion and bill to provide some tax relief in light of increasing revenues. As the details of that emerge, I will let you know more.
Informational Budget Timeline:

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