Exhibit V: Calculation of Allowable State Tax Growth Factor for the Fiscal Year Ended June 30, 2022

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

Overview

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Calendar Year	Massachusetts Wages and Salaries* (in Thousands)	Wages and Salaries Yearly Growth Rate†
2018	$265,849,684
2019	$281,583,345	1.0591825
2020	$279,587,061	0.9929105
2021	$312,471,740	1.1176187
Sum of 2019–2021 Calendar Year Growth Rates	3.1697117
Allowable State Tax Growth Factor for Fiscal Year 2022 (3.1697118/3)	1.0565706

*           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 2022 allowable state tax growth factor increased 0.0206692 from the prior year’s factor of 1.0359014.

Date published:	September 15, 2022