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News & Updates from the Government Affairs Team |
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You are receiving the Legislative Brief newsletter as a benefit of your MassCPAs membership. Renew today to continue receiving this and all your member perks!
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Massachusetts Senate Debates $49.7 Billion FY23 Budget, 1,178 Proposed Amendments
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On Tuesday, the Massachusetts Senate opened debate on its $49.7 billion FY23 budget proposal and the 1,178 amendments filed to the package. As has been done with past budget proposals the Senate combined the amendments into “bundles,” which as Colin Young at State House News Service explains are “groups of amendments that have been pre-determined by senators to be either a “yes” bundle to be adopted or a “no” bundle to be rejected.” As was expected, the Senate followed the House in rejecting amendments to address the estate tax code, capital gains rate adjustment and other relief proposals outlined in the Governor’s tax relief bill; however, Senate President Spilka, Ways and Means Chair Rodrigues and other senators are on record stating they intend to focus on tax relief once the budget is finalized. You can follow along the Senate’s debate and votes here.
As a reminder, the Senate included the update to the state's personal income tax conformity date from the 2005 version of the Internal Revenue Code (IRC) to the IRC in effect as of January 1, 2022. We are grateful to Senate President Spilka, Ways and Means Chair Rodrigues, the Senate and staff for their partnership and willingness to meet with us and include this important update in the budget proposal. We are pleased that both the Baker Administration and Legislature have made this important policy update a priority this budget season.
The Senate is likely to conclude deliberations and pass their budget later today. A conference committee consisted of members from each branch will then be established to flush out final details before voting on a final budget. We look forward to continuing discussions with the Legislature and their staff throughout the budget deliberations and will keep you posted on all developments as they arise.
| MassCPAs Interview with Massachusetts State Auditor Candidates
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MassCPAs Government Affairs team, in collaboration with members of MassCPAs Governmental Accounting and Auditing Committee, interviewed the candidates running for Massachusetts State Auditor, former Assistant Secretary of Transportation Chris Dempsey and State Senator Diana DiZoglio.
To read the interview in the May digital issue of SumNews, click here.
Please note: The Anthony Amore campaign did not respond to our requests for comment.
| Massachusetts House Cannabis Bill Decouples the State from Section 280E of the IRC
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Last week, the Massachusetts House of Representatives overwhelmingly passed cannabis reform legislation that would, in part, decouple Massachusetts from Section 280E of the Internal Revenue Code (IRC) and allow for cannabis businesses to take the same business deductions as all other businesses. We were pleased to testify in support of the amendment to decouple from 280E, which you can read here.
Thank you to House Revenue Chair Representative Mark Cusack for sponsoring and to Representative David Rogers for co-sponsoring the amendment. We are grateful to the House for adopting the amendment to the legislation. If you missed it, Dan Adams at The Boston Globe has more on the details of the cannabis bill here.
Special thanks to Charlotte Cathro, CPA, of Cathro LLC and chair of MassCPAs Cannabis Committee, and to our Cannabis Committee for their work and advocacy. We look forward to working with the Legislature to advocate for this amendment to remain in the final bill and passed into law.
| June 30 Renewal Deadline for Even-Year CPA Licensees
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The deadline for even-year licensees is June 30. Renew your CPA License today!
Renewal links and information:
- Access your ePLACE Portal account and renew your license here
- To request an Authorization Code to access your account, click here
- For a step-by-step guide on how to create an ePLACE Portal account, renew your license, receive an authorization code and more, click here
- Check your MassCPAs CPE tracker here. For directions on how to export the CPE tracking sheet to your license renewal form, click here
CPA Firm Renewal Affidavit Forms are due by August 1, 2022. To access the 2022 Firm Affidavit Form, click here.
Please note: You may experience technical issues when accessing the page via Internet Explorer or a search on a mobile device. If this occurs, please use a different internet browser to renew your license.
The Board of Public Accountancy is aware that renewals prior to April 12, 2022, were renewed for only one year and expire on June 30, 2023, rather than 2024. If your renewal was impacted, your license will be reissued in the coming weeks with the correct expiration date. If your renewal was impacted but you do not receive a new license by July 30, please email the Board for an update.
| Federal and State Tax News
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