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HD 6113

A monthly report of the Department of Revenue (under Section 5(e) of Chapter 62F of the General Laws) on year-to-date net state tax revenue for February, 2026

194th Legislature (2025-2026)

The bill requires the February 2026 DOR 62F report detailing year-to-date net state tax revenue, projections for FY26, and whether revenue will exceed the allowable cap.

Placed on file
0
WeVote Research Nonpartisan
Bill Summary · HD 6113

Overview

  • Jurisdiction: Massachusetts
  • Session: 194th
  • Bill: HD 6113
  • Title: A monthly report of the Department of Revenue (under Section 5(e) of Chapter 62F of the General Laws) on year-to-date net state tax revenue for February, 2026
  • Status: Placed on file (as of 2026-05-28)

This bill concerns the Department of Revenue’s February 2026 monthly 62F report, which presents year-to-date net state tax revenue, projections for the remainder of FY26, and an assessment of whether net state tax revenue is likely to exceed the allowable state tax revenue for the current fiscal year.

Main purpose and intent

  • To require and document a formal February 2026 DOR report detailing:
    • Year-to-date net state tax revenue for the current fiscal year (FY26)
    • Projections of net state tax revenue for the remainder of FY26
    • Projections of if, and when, net state tax revenue may exceed the allowable state tax revenue for FY26
  • To provide transparency around whether the state will stay within the Chapter 62F limitations on revenues, given the 4% income surtax (which is treated separately for 62F purposes).

Key provisions and changes

  • Report content (as described in the bill and accompanying summary):
    • February 2026 year-to-date net state tax revenue excluding the 4% income surtax
    • DOR’s estimate of total net state tax revenue for the remainder of FY26
    • DOR’s estimate of whether net state tax revenue will exceed the allowable state tax revenue for FY26, and if so, by how much
  • Calculation framework:
    • DOR provides a full FY26 net state tax revenue estimate (excluding the 4% surtax)
    • DOR provides an estimate of FY26 allowable state tax revenue, using the growth factor and methodology defined in Chapter 62F
    • The 4% income surtax revenues are excluded from the 62F limitations for purposes of the projection
  • Exhibits and methodology:
    • Exhibit 1: Year-to-date net state tax revenues by tax type
    • Exhibit 2: Estimate of allowable state tax growth factor for FY26
    • Exhibit 3: Estimated allowable state tax revenues for FY26
    • Exhibit 4: Projected net state tax revenue versus allowable revenue for FY26 and monthly breakdown for remaining months
  • Certification and validation:
    • Aligns with existing requirements in Chapter 62F and related acts (including provisions about the 4% surtax and reporting cadence)
    • Mentions the State Auditor’s annual independent determination on whether the prior year exceeded allowable revenues

Who/what would be affected

  • Massachusetts Department of Revenue (DOR): Responsible for compiling and releasing the February 2026 62F report with year-to-date figures, projections, and exceedance analysis
  • State budget/finance stakeholders:
    • House and Senate clerks and Chairs of Revenue and Ways and Means (as per the bill’s transmittal)
    • Governor’s administration and the State Comptroller, for planning and auditing purposes
  • The broader public and lawmakers: Gain visibility into whether FY26 state tax revenues are projected to stay within the Chapter 62F allowable limits, and the status of the 4% surtax in that context

Procedural and timeline aspects

  • Report timing: February 2026 monthly 62F report, documenting data through February 28, 2026
  • Reporting framework: Based on Section 5 of Chapter 62F (as amended by the 2023 Acts), with 4% income surtax treated separately from 62F limitations
  • Projections:
    • DOR provides estimates for the remainder of FY26 (Mar–Jun 2026)
    • DOR indicates whether and when net state tax revenue may exceed the allowable revenue for FY26
  • Certification reference:
    • Section 2BBBBBB of Chapter 29 (and related 62F provisions) governs the treatment of the 4% surtax
    • The State Auditor conducts an annual determination on whether the prior year exceeded allowable revenues

Key figures (February 2026 report highlights)

  • Year-to-date net state tax revenue excluding 4% surtax (as of 2/28/2026): $25,613,953,703
  • DOR’s full-year FY26 net state tax revenue estimate (excl. 4% surtax): $41,750,387,082
  • DOR’s FY26 allowable net state tax revenue: $48,266,193,259
  • Estimated difference (net tax revenue vs. allowable): $(6,515,806,177) — i.e., projected to be below allowable by about $6.5 billion
  • 4% income surtax revenues are excluded from the above limitations, and a separate certification exists for the surtax

Bottom line

The bill formalizes and publicizes the February 2026 DOR 62F report, detailing current net state tax revenue, remaining-year projections, and whether FY26 is expected to exceed the allowable revenue cap. Based on DOR’s February projections, FY26 net state tax revenue is not projected to exceed the allowable limit, even after accounting for the 4% surtax separately. The report provides granular exhibits by tax type and explicit growth-factor calculations used to determine allowable revenue.

Compiled from official sources — confirm details with the bill’s official record.

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