NewTradingView.com – Investing and Stock News
Investing and Stock News
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
Editor's Pick

Massachusetts Senate passes $55.9B budget proposal

by May 27, 2023
written by May 27, 2023

The Massachusetts Senate approved a $55.9 billion state budget proposal for the new fiscal year on Thursday, setting up negotiations with the House on a final spending plan to ship to Democratic Gov. Maura Healey by July.

One focus of the budget is higher education.

The Senate budget would let all Massachusetts students, regardless of immigration status, qualify for in-state tuition rates at public colleges and universities — as long as they attended a high school in the state for at least three years, and graduated or obtained a GED.

‘Massachusetts will be competitive so long as people from all over the world can come here to fulfill their dreams,’ Democratic Senate President Karen Spilka said.

The budget would also create a free community college program for nursing students.

One item which failed to be included in the final Senate plan is a proposal to allow online sales of lottery tickets. The budget plan approved by the Massachusetts House would allow the online lottery games.

Healey has also signaled support for the move, citing competition for gambling dollars from online sports betting companies, like Boston-based DraftKings.

The issue will now be hashed out by a six-member House and Senate conference committee charged with drafting a final budget proposal.

Like the Massachusetts House, the Senate’s budget plan would split the anticipated $1 billion in added revenue from the state’s new ‘millionaire’s tax’ between education and transportation initiatives.

Of the $500 million dedicated to transportation, the Senate plan would include $190 million for the Massachusetts Bay Transportation Authority — and another $100 million for roads and bridges.

Unlike the House budget, the Senate decided against including money for universal free school meals in their budget plan. Senate leaders say they hope to take up the issue in a separate supplemental budget.

Both House and Senate budget proposals would funnel money into the state’s ‘rainy day’ fund. The account currently has about $7.1 billion. Both budget plans would bring the total to just over $9 billion.

The House approved its $56.2 billion state budget plan in April. Healey unveiled her budget plan earlier in the year.

The budget debate comes as April tax revenues plummeted more than $2.1 billion below collections from last April and more than $1.4 billion below predictions for the month.

Healey has downplayed the gloomy numbers, saying the state remains in a strong financial position.

The House last month also approved a separate $654 million tax relief package.

The bill is aimed at helping older adults, renters, businesses and wealthier homeowners while rewriting the law that sent about $3 billion back to taxpayers last year.

The House measure would also raise the state’s estate tax threshold from $1 million to $2 million. Healey, who released her own $742 million tax relief package in February, would eliminate the tax for estates valued up to $3 million.

Spilka said the Senate plans to take up the details of its own $575 million tax relief proposal after the budget.

A final compromise budget, approved by both chambers, must be in place by the start of the new fiscal year on July 1.

<!–>

This post appeared first on FOX NEWS

–>

0 comment
0
FacebookTwitterPinterestEmail

previous post
Fox News Poll: Top reactions to AI? Voters say ‘dangerous’ and ‘afraid’
next post
How to Invest in Web3 and Make Money in the Best Way Online?

You may also like

Biden administration concerned over corruption in Ukraine but...

October 3, 2023

Top House Dem resigned from leadership after colleagues...

October 3, 2023

Former House speaker floats idea of removing Gaetz...

October 3, 2023

New poll reveals huge gap in concern over...

October 3, 2023

Ramaswamy campaign asks RNC to slash the number...

October 2, 2023

The Hitchhiker’s Guide to Gaetz moving to call...

October 2, 2023

Who will be the next GOP presidential candidate...

October 1, 2023

Supreme Court prepares for new term by looking...

October 1, 2023

China escapes unscathed following world leaders UN summit:...

October 1, 2023

Prosecutors cite Trump’s ‘death’ comment about Milley in...

October 1, 2023
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Popular Posts

  • 1

    Schiff calls DeSantis ‘cowardly’ for emulating Trump in appeal to GOP base

  • 2

    S&P ASX 200 pops after the RBA decision: is it a buy?

  • 3

    Nikkei 225 technical analysis points to a drop to ¥27,000

  • 4

    Yes Bank share price crossed key support level: Buy the dip?

  • 5

    HSBC share price has nosedived: Is it safe to buy the dip?

Recent Posts

  • SafeMoon and Litecoin: Litecoin up to $68.80 yesterday

    October 3, 2023
  • Solana and Cardano: Solana stabilizes above the 24.00 level

    October 3, 2023
  • Dogecoin and Shiba Inu: Dogecoin retreats from 0.06420

    October 3, 2023
  • ApeCoin and the Akita Inu: ApeCoin continues to withdraw

    October 3, 2023
  • USDRUB Analysis: A Looming Crisis for the Russian Ruble

    October 3, 2023

Categories

  • Economy (1,937)
  • Editor's Pick (2,031)
  • Investing (679)
  • Stock (380)
  • About Us
  • Email Whitelisting
  • Terms and Conditions
  • Privacy Policy
  • Contacts

Disclaimer: NewTradingView.com, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2023 NewTradingView.com All Rights Reserved.


Back To Top
  • Investing
  • Stock
  • Economy
  • Editor’s Pick