Massachusetts House Democrats on Wednesday rolled out a $57.9 billion state budget for fiscal year 2025 that mirrors many of Gov. Maura Healey's ideas for…
THe $57.9 billion spending plan mirrors many of Gov. Maura Healey's ideas for new funding sourcesMassachusetts House Democrats on Wednesday rolled out a $57.9 billion state budget for fiscal year 2025 that mirrors many of Gov. Maura Healey's ideas for tapping new funding sources while calling for a slightly smaller spending increase.
"We know the good fiscal times don't last forever. The reality is one that we have come to know all too well over the past 10 months," Mariano told reporters."This March broke a streak of nine months where revenues came in below benchmark, all while the commonwealth's emergency assistance program remains strained with no immediate prospect of support from Congress or anywhere else.
The House budget also mirrors the administration's push to make up to $375 million in excess capital gains tax revenue available for spending. Capital gains revenue above a certain threshold gets automatically deposited into savings, and both budgets would limit those transfers, freeing up more money that can be spent directly.
Mariano and Michlewitz are targeting a different breakdown in that spending than Healey. Their budget would carve it up into $695 million for education and $605 million for transportation, a bit closer to an even split than Healey's proposed $750 million for education and $550 million for transportation.
The bill would also make permanent the Commonwealth Cares for Children, or C3, grant program, which first launched during the pandemic with federal dollars and has since been continued using state funds.
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