The bill outlines the Department of Revenue's (DOR) report regarding the determination of whether net state tax revenues for the fiscal year 2025 exceeded the allowable state tax revenues as defined by Chapter 62F of the Massachusetts General Laws. The report specifies that for the period of July 1, 2024, through June 30, 2025, the DOR estimates that net state tax revenues will total $44,668,722,576, which includes $2,987,020,296 collected from a 4% income surtax that is exempt from the allowable revenue limitations. After excluding the surtax revenue, the total net state tax revenues amount to $41,681,702,279, which is $4,703,033,334 below the allowable state tax revenue of $46,384,735,613 for the same fiscal year.

Additionally, the report includes a calculation of the allowable state tax growth factor for fiscal year 2025, which is determined to be 1.0510744. This growth factor is applied to the allowable state tax revenues from the previous fiscal year, resulting in the new allowable revenue figure. The DOR is required to submit this report to the State Auditor, who will certify the accuracy of the calculations and determine whether the net state tax revenues exceed the allowable limit by September 16, 2025.