Massachusetts could lose its largest revenue stream if voters in November approve an initiative to eliminate the state's income tax, which brings in roughly $12.5 billion to the commonwealth's coffers.
The issue received more than the required signatures to make it onto the ballot in the upcoming general election. Yet, if the question passes and becomes law, legislators or Gov. Deval Patrick will have the opportunity to file new legislation to change or amend the initiative. Still, state officials do not welcome the prospect of losing a funding stream that accounts for roughly 40% of the commonwealth's total budgeted revenues.