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News & Updates from the Government Affairs Team
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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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Massachusetts House of Representatives Unveils $49.6 Billion FY2023 Budget; Conforms Personal Income Tax to 2022 IRC
| Yesterday, the Massachusetts House of Representatives released its $49.6 billion FY23 budget, which calls for major investments in workforce development, education and more. Included in the House budget is an important update to the Massachusetts personal income tax rules from the 2005 version of the Internal Revenue Code (IRC) to the 2022 IRC – a longtime legislative priority for MassCPAs.
Along with the House proposal to address the income tax conformity rules, it also calls to decouple Massachusetts income tax rules from the federal qualified business income deduction, as was proposed in the Governor’s budget proposal. To read the proposed change, read Section 24 and Section 25 here.
Not included in the House’s FY23 budget proposal are the tax relief initiatives proposed in the Governor’s FY23 budget and companion bills; however, House Speaker Ron Mariano and House Committee on Ways and Means Chair Aaron Michlewitz did not rule out such tax relief discussions in the future.
We are grateful to House Speaker Mariano, Chair Michlewitz and those involved in crafting the budget for including the update to the state's income tax conformity date. We look forward to continuing our work with the House, Senate and their staff throughout the budget deliberations to ensure this important update is passed into law. To read the House budget proposal, click here.
The House will debate the budget throughout the week of April 25, after which it will go to the Senate. We will keep you posted on all developments as we learn more.
Colin Young with the State House News Service has more details on the House budget proposal here.
Do you want to assist with our advocacy efforts? Sign up to be a CPA Advocate today!
| “HireNow” Hiring and Training Employer Grant Program
| The Baker Administration launched its “HireNow” grant program to help eligible employers hire and train new workers.
Program Details:
- Employer Eligibility: Any Massachusetts employer who is in good standing with the Department of Unemployment Assistance and Department of Revenue (DOR) obligations and is not de-barred by the state is eligible (excluding federal, state and municipal governments). Applications must be submitted by the employer, not an education or training partner
- Application Process: Employers must pre-register online at Mass.Gov/HireNow by providing employer information. Following the employee’s hire and 60-day retention period, employers will submit a final application for funding. The Commonwealth will also approve the planned use of the funds (training costs, signing bonus, etc.) when approving the application
- Eligible Hires: Hires must be made after March 23, 2022, be retained for a minimum of 60 days and be placed in jobs that are at least 30 hours per week. New hires need to be Massachusetts residents employed in Massachusetts. There are also limits on compensation:
- Minimum eligible compensation: $14.25/hour (minimum wage)
- Maximum eligible compensation: $42.50/hour (~$85K annualized)
- Funding: Up to $4,000 for each eligible employee hired, with a limit of $400,000 per employer. Funds will be provided on a first-come, first-served basis
| Department of Revenue (DOR) Tax Season Information
| Below are links to various DOR webpages outlining important tax season information. The DOR has committed to updating these pages when necessary. If you have questions for the DOR or if there is inaccurate or confusing information listed on their website, please email Larry Liuzzo.
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State and Local Tax (SALT) Information
| DOR update: Eligible pass-through entities (PTE) must register for the 63D-ELT tax type before making a payment, and not make 63D-ELT payments on other pre-existing tax types. The PTE must file its annual return and make the election before filing the 2021 Form 63D-ELT.
SALT Links:
To sign up to receive important updates directly from the DOR, click here.
| IRS Tax Filing Information
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REMINDER: Important security update for your MassCPAs.org password
| The new MassCPAs.org is now live and as part of our enhanced security, you will need to update your password the first time you log into the new site – this is a one-time change to help protect your information. Visit MassCPAs.org/login, click “Forgot Password” and a link will be emailed to you to reset your password.
Below are instructions for accessing The HUB after you have updated your password:
- From MassCPAs.org: Log into MassCPAs.org, click “The HUB” at the top of the page, and you will be directed to The HUB. Once there, click "Continue to Login" in the left-hand rail and then click the "Website Login" button and you will be automatically logged in.
- From hub.masscpas.org: Click the “Continue to Login” button in the left-hand rail and then click the “Website Login” button. Log into MassCPAs.org and you will be automatically redirected to The HUB.
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