What the Massachusetts Millionaires Tax will benefit

The 2024 budget was passed by the legislature and it's the first one to include fair share money. 22 News Statehouse reporter Ellen Fleming has where that new revenue source will be and won't be spent. The so-called millionaire's tax was passed by voters this past November and soon enough the state will be seeing the benefits of that new tax. The millionaire's tax creates a four percent surtax on incomes over one million dollars effectively charging a nine percent tax on said incomes. This ballot question amended the state's constitution for the first time in 22 years. The money from the surtax is to be spent on education and transportation and it is estimated that the tax will bring in approximately one billion dollars to the state. This is the first budget cycle where that funding is included. Nearly 524 million dollars will go to education and nearly 477 million will go to transportation. In education 171.5 million dollars will go to universal school meals, 100 million dollars for the Massachusetts school building authority and 50 million dollars to create and support free community college for all by 2024. Universal school meals for students in public schools was a policy found in the house's budget not the senate's but it ultimately ended up in compromised language. Superintendents said last summer that the free school meals program resulted in 80,000 more students eating lunch in schools. Representative Carlos Gonzalez said in a statement that read in part, the inclusion of permanent free universal school meals will go a long way to address food insecurity and bridge educational achievement gaps. As for transportation there will be 181 million dollars for MBTA capital projects, 100 million dollars in supplemental aid for roads and bridges and 90 million dollars for regional transit funding and grants. Not included in transportation funding was east-west rail. Governor Maura Healey has until Thursday to sign off on the 2024 budget. Working for you at the Statehouse in Boston, Ellen Fleming, 22 News.