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Revenue Committee Clears Governor Baker’s $600 Million
Tax Package
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On its July 1 deadline to report out certain bills, the
Joint Committee on Revenue advanced Governor Baker’s tax relief
package that includes an update to the state’s estate tax code. The
Committee did not include the Governor’s cut to the short-term capital
gains rate. To read the Committee’s redraft of the legislation, click
here.
House Revenue Chair Mark Cusack stated that the package is still a
work in progress and that Friday’s vote to advance the bill is “just
moving it in the process.” MassCPAs continues our discussions with
legislators and staff members on the particular importance of
addressing the estate tax threshold, the cliff effect, and are
advocating for a portability clause be included in the final
bill.
Michael Norton of the State
House News Service has more on the tax relief package here.
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Massachusetts Cannabis Conference Committee to Meet
Today
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The Conference
Committee formed to finalize a cannabis industry reform bill is set
to convene for its first meeting later this morning and continue its
work to finalize a bill. MassCPAs was pleased to submit testimony in
support of an amendment to the bill 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. You
can read our testimony here.
Special thanks to Charlotte Cathro, CPA, of Cathro LLC
and chair of MassCPAs Cannabis Committee for co-signing our testimony
to the conference committee, and to our Cannabis Committee members
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.
To join our
Cannabis Committee, click
here.
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Federal and State Tax News
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LAST CHANCE to Share Your Feedback
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Members like you are the backbone of our community and
we want to hear from you. MassCPAs is conducting a brief, one
question survey to help us improve your membership experience.
Please
complete this one question survey
by tomorrow, July 8 –
it will take less than a minute of your time. TAKE
THE SURVEY
If you've already taken the survey, thank you for your
feedback!
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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.
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