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Gov Patrick has sent his budget proposal to the Massachusetts House and Senate. They will work on constructing their own version of the budget proposal and then send it back over. The 2011 fiscal budget proposal is for 28.2 billion. The new fiscal year starts on July, 1.

Some highlights regarding the new Massachusetts budget proposal include:

Among other things, the new proposal includes an increase in taxes on soda and candy. The candy and soda tax increase would result by eliminating the current sales tax exemption. Taxing soda and candy would generate $52 million for health prevention programs. These programs are setup to educate the public about lifestyle habits that are detrimental to your health. Sticking with the healthy living theme, new tax hikes are proposed for smokeless tobacco and cigars.

The new budget proposal cuts back on a tax credit program hoping to bring film producers to Massachusetts. Massachusetts film industry insiders argued that cutting the program is shortsighted seeing as the program has been doing well. It has generated more than $1 billion in economic activity over the last four years, but the program is expensive to maintain.

A tax credit for life sciences, which was setup in an attempt to attract companies to Massachusetts, is being reduced. The program has been successful and as a result, will be reduced but not eliminated. It has been successful in introducing new jobs to the state.

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 attorney 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.