Skip to main content
  • This page, Determination of Whether Net State Tax Revenues Exceeded Allowable State Tax Revenues - Exhibit IV, is   offered by
  • Office of the State Auditor

Determination of Whether Net State Tax Revenues Exceeded Allowable State Tax Revenues - Exhibit IV

Calculation of Allowable State Tax Growth Factor for the Fiscal Year Ended June 30, 2024.
Skip table of contents

Table of Contents

You skipped the table of contents section.

Overview

Calendar YearMassachusetts Wages and Salaries*
(in Thousands)		Wages and Salaries
Yearly Growth Rate†
2020$279,587,061 
2021$312,471,7401.1176187
2022$333,155,9981.0661956
2023$344,029,4831.0326378
Sum of 2020–2023 Yearly Growth Rates3.2164521
   
Allowable State Tax Growth Factor for Fiscal Year 2024 (3.2164521/3)1.0721507
    

*           Source: US Department of Commerce’s Bureau of Economic Analysis, Regional Income Division, Washington, D.C. (pursuant to Section 2 of Chapter 62F of the Massachusetts General Laws).

†           Wage and salary yearly growth rate is calculated by dividing each calendar year’s wages and salaries by those of the previous calendar year.

Note:    Chapter 62F requires that, in calculating the allowable state tax growth factor for any fiscal year, the same total for Massachusetts’s wages and salaries for a calendar year used in prior calculations involving that calendar year shall be used in subsequent calculations involving that calendar year, notwithstanding periodic adjustments by the Bureau of Economic Analysis. The fiscal year 2024 allowable state tax growth factor increased .0132424 from the previous year’s factor of 1.0589083. 

Date published: September 17, 2024

Help Us Improve Mass.gov  with your feedback

Please do not include personal or contact information.
Feedback