Exhibit V: Calculation of Allowable State Tax Growth Factor for the Fiscal Year Ended June 30, 2021

An overview of the information used to support the conclusions of this report.

Overview

Calendar Year	Massachusetts Wages and Salaries* (in Thousands)	Wages and Salaries Yearly Growth Rate†
2017	$251,844,339
2018	$265,849,684	1.0556111
2019	$281,583,345	1.0591825
2020	$279,587,061	0.9929105
Sum of 2018–2020 Calendar Year Growth Increase	3.1077041
Allowable State Tax Growth Factor for Fiscal Year 2021 (3.1077041/3)	1.0359014

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

†             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 utilized in prior calculations involving that calendar year shall be utilized in subsequent calculations involving that calendar year, notwithstanding periodic adjustments by the Bureau of Economic Analysis.

               The fiscal year 2021 allowable state tax growth factor decreased 0.0093539 from the prior year’s factor of 1.0452553.

Date published:	September 20, 2021