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Federal Reserve Bank of Boston
New England Public Policy Center Research Report
Reading the fine print: how details matter in tax and expenditure limitations
Heather Brome
Darcy Rollins Saas
Abstract

At least 30 states, including Connecticut, Maine, Massachusetts, and Rhode Island, operate under “tax and expenditure limitations” (TELs): formula-based budgeting requirements that apply specific limits to expenditures, appropriations, or revenue collections by state or local government. More than a dozen states considered TELs in 2006. Legislation proposing a new TEL to further limit General Fund appropriations in Rhode Island was introduced; Maine citizens will vote on a more restrictive TEL this November. ; Several factors, including a desire for lower taxes and a belief that additional measures are needed to keep government spending in check, drive this interest in TELs. This paper discusses such arguments.


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Heather Brome & Darcy Rollins Saas, Reading the fine print: how details matter in tax and expenditure limitations, Federal Reserve Bank of Boston, New England Public Policy Center Research Report 06-3, 2006.
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Keywords: Taxation ; Local finance ; State finance ; Tax and expenditure limitations ; Property tax
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Fed-in-Print is the central catalog of publications within the Federal Reserve System. It is managed and hosted by the Economic Research Division, Federal Reserve Bank of St. Louis.

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