|
|
|
News & Updates from the
Government Affairs Team
|
|
|
|
|
|
We're
working to keep you informed in a world that changes by the minute.
If you have anything you'd like to share, or if we can help you in
any way, please email Zach Donah
or Larry Liuzzo.
|
Massachusetts Legislative Updates
|
Formal
Legislative sessions ended on Monday. Below is a snapshot of what was
done and what stalled.
Signed
$52 Billion FY23 Budget; Updates Personal Income Tax
Conformity Date
Governor Baker signed the FY23 budget last Thursday, which includes
an update to the Massachusetts income tax conformity date from the
current 2005 version of the Internal Revenue Code (IRC) to the one in
effect as of January 1, 2022. We are grateful to the Baker
Administration, Legislature and staff members who met with us
numerous times over the last few months as we advocated for this
update.
Enacted and
Laid Before the Governor
Massachusetts
Cannabis Industry Reform – Senate
bill 3096
The Legislature passed the conference committee bill and laid it before
the Governor for his signature. MassCPAs submitted a letter to
Governor Baker in support of the section that would decouple
Massachusetts from section 280E of the IRC. You
can read our letter here.
Veterans and
Military Families – Senate
bill 3075
The Legislature passed the conference committee bill and laid it
before the Governor for his signature. MassCPAs testified in support
of the section of the bill that would expedite the licensure process
for relocated military spouses holding out-of-state professional
licenses. You
can read our testimony here.
Stalled
$4+ Billion Economic
Development and Tax Relief – House
bill 5034
In a move that surprised seemingly everyone working in state
government and politics, the Legislature failed to pass its economic
development bill, which housed the tax relief proposals that included
changes to the estate tax code, senior circuit breaker, earned income
tax credit and more.
Due to a cap on the amount of revenue the state can collect each fiscal
year, as
stipulated by law established in 1986, Massachusetts taxpayers
may be set to receive roughly $3 billion back from the state. Because
of these one-time rebates to Massachusetts taxpayers, legislators hit
the brakes on the tax relief proposals mentioned above and did not
pass by the end of formal legislative sessions this past
Monday.
This week, in an article
by The Boston
Globe, MassCPAs President and CEO Amy Pitter
continued our calls for an update to the state’s estate tax.
Legislative leaders have committed to working on this important
legislation into the fall and we will continue our advocacy efforts
with them to ensure these critical updates are adopted.
|
Massachusetts July 2022 Revenue Collections Total $2.367
Billion
|
The
Department of Revenue (DOR) announced July 2022 revenue collections
totaled $2.367 billion, which is $101 million (4.5%) more than July
2021.
According to
the DOR, June 2022 and full FY22 revenue collections will be
available once the DOR completes the processing of June revenue,
including certain estimated payments for which returns are due at the
end of July given a change in sales tax processing enacted in FY21.
These revenue collection figures will be available this week.
|
A Conversation with the Candidates for Governor of
Massachusetts
|
The MassCPAs Government Affairs team, in collaboration
with Leanne Scott, JD, principal at Baker Newman Noyes (BNN) and
chair of the MassCPAs Public Policy Group, interviewed the candidates
running for Massachusetts Governor: former State Representative Geoff
Diehl, business owner Chris Doughty and Attorney General Maura
Healey.
To read the interview in the July issue of SumNews, click
here.
|
Federal and State Tax News
|
|
|
|
|
|
|
|
|
|
|
|
Click here to unsubscribe from General - Membership News
& Updates messages.
Click here to manage your email preferences.
|
©2022 masscpas.org | Massachusetts Society of
CPAs
105 Chauncy Street, 10th Floor, Boston, MA 02111
|
|
