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You are here: Home / State House News / Cap Gains Haul Driving Up Rainy Day Fund Balance

Cap Gains Haul Driving Up Rainy Day Fund Balance

July 28, 2022 by State House News Service

Massachusetts Rainy Day Fund


The state took in more than $3.877 billion in tax revenue from capital gains income during fiscal year 2022 and more than $2.525 billion of it is bound under law for either the rainy day fund, the state’s pension liability trust fund or a retiree benefits trust fund, the Department of Revenue said Wednesday.

Revenue Commissioner Geoffrey Snyder said in a letter to Comptroller William McNamara that capital gains income tax collections for June (the fourth of four uneven fiscal year periods that DOR uses to track capital gains revenue) totaled $340.53 million, bringing the fiscal year’s estimated total to $3.877 billion.

State law requires that any capital gains tax revenue above and beyond a defined threshold — set at $1,351,910,000 for fiscal 2022 — be transferred to various funds with 90 percent of the overage going to the state’s Stabilization Fund, 5 percent to the State Retiree Benefits Trust Fund and 5 percent to the state’s Pension Liability Fund.

“Therefore, this capital gains tax certification letter shall generate a transfer of approximately $2,525.10 million, to the aforementioned funds as follows,” Snyder said, detailing fiscal year 2022 deposits of more than $2.272 billion for the stabilization fund, and $126.26 million for each of the trust funds. The comptroller has already transferred more than $2.162 billion to the funds for fiscal 2022 and Snyder said a total of roughly $362.66 million must still be deposited.

There was about $4.63 billion in the state’s stabilization fund at the end of fiscal year 2021 and the deposits planned for fiscal year 2022 were expected to total about $1.98 billion, the Massachusetts Taxpayers Foundation said. With $2.272 billion bound for the rainy day fund, the account’s balance could rise to roughly $6.9 billion and put it in position to surpass $8 billion with fiscal year 2023 deposits.

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Filed Under: State House News Tagged With: Agency Checklists, Mass. Insurance News, Massachusetts economic news, massachusetts insurance news, Massachusetts legislative news, New England Insurance News

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