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

Calculation of Allowable State Tax Revenues for the Fiscal Year Ended June 30, 2024.
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Allowable State Tax Revenues for the Fiscal Year Ended June 30, 2023*$ 41,160,988,265
Allowable State Tax Growth Factor for the Fiscal Year Ended June 30, 2024†X          1.0721507
Allowable State Tax Revenues for the Fiscal Year Ended June 30, 2024$ 44,130,782,381

*    As defined in Section 2 of Chapter 62F of the Massachusetts General Laws, “allowable state tax revenues” for a fiscal year means the following: beginning after June 30, 1986, an amount equal to the greater of the allowable state tax revenues for the immediately preceding fiscal year multiplied by the allowable state tax growth for the current year, or in any case no less than the allowable state tax revenues for the preceding fiscal year. Allowable state tax revenues as disclosed in our prior report (No. 2024-5555-3S) totaled $41,160,988,265.

†      See Exhibit IV

Date published: September 17, 2024

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