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Governor Deval Patrick released his 28.2 billion budget proposal. The proposal is heading over to the Legislature. Once the Senate and the House construct their version of the bill, they will send it back to Gov. Patrick. The 2011 fiscal year begins on the first of July.

I have taken the liberty of plucking several note worthy components of the budget proposal:

Additional taxes on candy and soda are one component of the new Massachusetts budget proposal. By jettisoning the current tax exemption for candy and soda, Gov Patrick is looking to raise an additional $52 million in revenue. This will be used to fund health prevention and awareness programs.

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The Governor wants to cut back on a current program that supplies tax cuts for the Massachusetts film industry. Those in the industry contend that the program is a success and has generated considerable revenue for the state. They argue that cutting the program is shortsighted. However, the program is expensive to run.

A tax credit designed to attract new companies to Massachusetts is being reduced. Although the program has seen success and has brought new jobs to Mass, it is expensive to keep up. Due to it’s past success, the program will not be eliminated altogether, simply reduced instead.

A program which extends coverage to almost 170,000 Massachusetts adults, will still be funded under Gov Patrick’s newest budget proposal. The program is called the Commonwealth Care program.

The Massachusetts 2011 fiscal year budget proposal, relies on six hundred million in federal aid. However, Congress hasn’t passed the bill yet. If for some reason it does not pass in Congress, further cuts will have to be made. Overall, there is a 3% increase in this year’s budget proposal over last year.

Massachusetts tax lawyer Richard M. Stone specializes in advising local, national and multi-national businesses on sophisticated federal and state tax issues. If you need the help of Massachusetts tax lawyers, contact the Law Office of Richard Stone.

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