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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 Passes $49.78 Billion FY23 Budget
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Last week, the Massachusetts Senate passed a $49.78 billion FY23 budget. By the end of budget debate, Senators added $93 million to the budget’s bottom line and adopted over 500 of the 1,178 amendments that were filed.
The Senate budget included the update to the state's individual income tax conformity date from the 2005 version of the Internal Revenue Code (IRC) to the IRC in effect as of January 1, 2022, and decouples the Massachusetts individual income tax rules from the federal qualified business income deduction. The same updates were included in both the Governor’s and House budgets.
A conference committee of select legislators from each branch will convene in the coming weeks to work out differences between the budgets passed by the House and Senate respectively. 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.
| Beacon Hill Tax Relief Talks
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With the FY23 budget season entering its final stages, talks of potential tax relief have bubbled to the surface. A few weeks ago, Senate President Spilka, Ways and Means Chair Rodrigues and other senators stated their intentions to focus on tax relief once the budget is finalized.
Separately, speaking at a government affairs forum last week, House Speaker Ron Mariano mentioned his House colleagues are working on a tax relief package, which may include addressing the estate tax, though he did not provide further details.
MassCPAs Government Affairs team continues to meet with key legislators and their staff to provide resources and information on such tax relief and particularly with regard to reforming the state’s estate tax.
We look forward to continuing discussions with the Legislature and their staff and will keep you posted on all developments as they arise.
| 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! To check your CPE credits, use our CPE Tracker, which is free to all MassCPAs members.
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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