MA H5006

Amends Chapter 62F to limit annual state tax revenue growth to the prior year's net revenue multiplied by the average wage and salary growth in Massachusetts over the previous three years, effective for fiscal years beginning after June 30, 2027

Requires excess revenue above the computed maximum to be refunded to taxpayers the following year

Includes revenue from the 4% income surtax on incomes over $1 million (deposited in the Education and Transportation Fund) in the tax cap calculation, which is currently excluded under existing law

Removes the existing exemption that shields "millionaire tax" revenue from the Chapter 62F tax cap by striking subparagraph (d) of Section 2BBBBBB of Chapter 29

Initiative petition filed December 3, 2025 with 85,588 certified voter signatures; provisions are severable if any portion is ruled invalid