BOSTON (AP) — Top Beacon Hill budget writers are anticipating another drop in the state income tax as part of their revenue estimate for the 2019 fiscal year that begins July 1.
Secretary of Administration and Finance Michael Heffernan, Senate Ways and Means Chair Karen Spilka and House Ways and Means Chair Jeffrey Sánchez say they expect the state to take in about $27.59 billion in the new fiscal year.
That’s an increase of about 3.5 percent over projected revenues of $26.66 billion for the current fiscal year.
The revenue estimate provides a baseline by which the administration and House and Senate leaders craft their budget proposals.
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The estimate assumes another income tax trigger will go into effect January 1, 2019, lowering the state’s personal income tax from 5.1 percent to 5.05 percent.