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U.S. State6th State • February 6, 1788
Massachusetts MA
"The Bay State"
Where the American Revolution began, where Harvard and MIT push the boundaries of human knowledge, and where blue crabs and cranberry bogs remind you that this has always been a working state.
Massachusetts state finances at a glance
State Debt - FY2024
$65.9 billion
Total state government debt outstanding at the close of fiscal 2024, including long-term bonds and short-term borrowing across state agencies and public universities.
Tax Revenue - FY2024
$43.1 billion
Total Massachusetts state tax collections in fiscal 2024, led by the individual income tax ($22B) and the general sales tax ($9.4B).
Borrowing
Massachusetts is one of the most heavily indebted states per resident, issuing general obligation bonds backed by its full faith and credit plus special obligation and transportation bonds. All are sold to investors in the municipal bond market, and a statutory debt limit caps direct debt. The state reported about $2.2 billion in interest on its debt in fiscal 2024.
Source: U.S. Census Bureau, 2024 Annual Survey of State Government Finances.
7.1M
Population
6th
State (1788)
120+
Colleges & Universities
1636
Harvard Founded