Gov. Maura Healey mentioned her administration is prepping a wide-ranging financial growth invoice to file early subsequent yr as Massachusetts’s income image continues to attract concern.
The actual particulars of a the proposal are nonetheless scarce outdoors of a 66-page statutorily required financial growth plan Healey launched final week and promoted to the general public throughout a Tuesday afternoon occasion contained in the State House.
Healey mentioned she hopes to file the laws “as soon as possible” and the administration has taken under consideration lower-than-expected tax revenues in the course of the first months of fiscal yr 2024. She declined to place a greenback determine on the laws when requested how a lot it will value.
“Obviously, we’ve given a lot of thought and consideration to different parts we’d like to see included,” Healey mentioned.
Economic Development Secretary Yvonne Hao mentioned the administration is “really excited to partner with our legislative folks and also with the (Executive Office of) Administration and Finance to come back in the new year to submit an economic development bill.”
Hao pointed to the financial growth plan as a roadmap for what could possibly be included within the laws, particularly calling out placing extra {dollars} in direction of a public infrastructure grant program and reauthorizing a life sciences initiative.
“We want to be ambitious in areas like climate tech, and also tourism. And so there’s a lot in the plan and the goal, hopefully, is to work closely with our legislative partners to put that into the bill,” she mentioned.
A possible financial growth invoice from the Healey administration comes as tax revenues proceed to tumble within the first months of fiscal yr 2024. The Department of Revenue reported final week that November collections put the state’s income image beneath projections used to craft the fiscal 2024 state funds.
Healey mentioned revenues are prime of thoughts in “anything we do.”
“But look, we’re about moving forward. We’re about moving forward with energy, with intentionality, and bringing home great results and opportunities for the state,” she mentioned.
The final financial growth invoice below former Gov. Charlie Baker’s administration was signed into legislation in November 2022 and ran simply over $3.7 billion. Beacon Hill legislators had initially used the proposal as a car for tax cuts that might not come to go till this yr
Healey’s financial growth plan covers a variety of points that have an effect on the state’s financial system, together with transportation challenges, investing in infrastructure, constant branding, attracting expertise, housing, and local weather expertise.
The doc is damaged down into three classes — fundamentals, expertise, and sectors — with particular initiatives for every space. In a letter accompanying the plan, Healey and Lt. Gov. Kim Driscoll mentioned Massachusetts faces a “complex economic landscape” after the COVID-19 pandemic, international conflicts, and excessive inflation.
Senate President Karen Spilka mentioned the plan is “honest about the headwinds that we face.”
“This plan presents a comprehensive and sweeping vision. And, I’ve been in the Legislature long enough to appreciate that the secret to success lies in the details,” Spilka mentioned.
Source: www.bostonherald.com”