House to release rewrite of Gov. Baker’s fiscal year 2018 budget

Fiscal year begins July 1

Massachusetts State House Photo: Thinkstock

SPRINGFIELD, Mass. (WWLP) – The House Ways and Means Committee is scheduled to release their version of the state’s fiscal year 2018 budget on Monday.

The big issue lawmakers are facing when it comes to the state’s budget is a decrease in state revenue.

Tax collections through the first nine months of the current fiscal year are running about $220 million below official projections.

One decision the House must make is whether to accept governor Baker’s proposal for a new assessment on companies with more than 10 employees that do not offer health insurance to their workers.

According to the Massachusetts Taxpayers Foundation Baker’s that proposal, and three other tax law changes would generate $127 million in revenue, most of it from sales taxes.

The Senate handles its budget proposal in May and then the budget goes into effect on July 1.