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Audit of the Determination of Whether Net State Tax Revenues Exceeded Allowable State Tax Revenues Conclusion

For the fiscal year ended June 30, 2022, we have determined that the net state tax revenues were above the allowable state tax revenues.
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Overview

For the fiscal year ended June 30, 2022, we have determined that the net state tax revenues of $41,812,654,358 were above the allowable state tax revenues of $38,871,154,627 (as defined in Chapter 62F of the Massachusetts General Laws) by $2,941,499,731, resulting in excess state tax revenues (see Exhibit I).

During this fiscal year, $33,187,916,540, or approximately 79.37% (see Exhibit III), of the net state tax revenues were derived from income and sales and use taxes, which are traditionally the largest sources of revenue received by the Commonwealth.

Pursuant to Section 6 of Chapter 62F of the General Laws, we have determined that the net state tax revenues of $41,812,654,358 exceeded the allowable state tax revenues of $38,871,154,627, resulting in a credit of $2,941,499,731 to be effectuated by the Commissioner.

Date published: September 15, 2022

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