Gov. Baker eyes capital gains tax revenues to fix budget gap
Gov. Charlie Baker is eyeing capital gains tax revenues to help close an estimated $765 million budget gap for the fiscal year that ends June 30.
Baker said he's planning to ask lawmakers for permission to divert capital gains tax revenues that would typically go into the state's rainy day fund. Baker wants to use the money to help plug the gap instead.
The Republican governor said he'll file his budget-balancing plan Tuesday. He said his plan will also call for spending cuts.
Democratic House Speaker Robert DeLeo and Senate President Stanley Rosenberg said they were open to the capital gains tax idea and would act quickly on Baker's plan to close the budget gap.
Baker has until March 4 to file his budget plan for the new fiscal year beginning July 1.
