Massachusetts General Laws ch. 62F sec. 5 – State auditor; oversight; monthly reports
Section 5. (a) The commissioner shall annually, on or before September first prepare a report of the net state tax revenues and the allowable state tax revenues of the commonwealth for the preceding fiscal year, and shall submit the report to the state auditor. Said state auditor shall review the report for completeness and accuracy, and may make or request the commissioner to make any necessary adjustments or modifications to assure its completeness and accuracy.
Terms Used In Massachusetts General Laws ch. 62F sec. 5
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(b) Said state auditor shall annually on or before the third Tuesday of September, independently determine whether net state tax revenues for the immediately preceding fiscal year exceeded the allowable state tax revenues for said fiscal year. If said state auditor determines that the allowable state tax revenues for the immediately preceding fiscal year were exceeded, except as otherwise specifically authorized herein, he shall report that determination and the amount by which allowable state tax revenues were exceeded to the governor, the president of the senate, the speaker of the house of representatives, the house and senate committees on ways and means, and the commissioner. Said commissioner shall take all necessary action to effectuate the provisions of section six.
(c) Except as otherwise provided therein, the determination of said state auditor both as to the existence and the amount of an excess of net state tax revenues over the allowable state tax revenues in a fiscal year shall be conclusive for purposes of section six.
(d) The commissioner shall calculate the permissible tax revenue, as defined in this chapter, on a quarterly basis, in accordance with the manner and fiscal year schedule with which the commissioner calculates tax revenues.
The commissioner shall calculate the year-to-date difference, if any, between cumulative net state tax revenues and cumulative permissible tax revenues. The commissioner shall report said amounts on a quarterly basis to the state comptroller, who shall, pursuant to the provisions of section 6A, adjust the balance in the temporary holding fund by the comptroller.
[ Subsection (e) added by 2023, 50, Sec. 25 effective January 2, 2023 for tax years beginning on or after January 1, 2023. See 2023, 50 Sec. 49.]
(e) Monthly, the commissioner shall submit a report to the clerks of the senate and the house of representatives, the joint committee on revenue and the senate and house committees on ways and means on net state tax revenue for the current fiscal year, projections for net state tax revenue for the remainder of said fiscal year and an estimate of if, and when, net state tax revenue may exceed allowable state tax revenue for said fiscal year.