Reading the fine print: how details matter in tax and expenditure limitations
AbstractAt 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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Bibliographic InfoPaper provided by Federal Reserve Bank of Boston in its series New England Public Policy Center Research Report with number 06-3.
Date of creation: 2006
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ACC-2007-04-28 (Accounting & Auditing)
- NEP-ALL-2007-04-28 (All new papers)
- NEP-PBE-2007-04-28 (Public Economics)
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