 |
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!
|
Massachusetts House of Representatives Approves $49.7 Billion FY23 Budget
|
Last night, the Massachusetts House of Representatives approved a $49.7 billion budget for FY23, adding nearly $130 million in spending to the original budget proposal released earlier this month. Included in the House budget is an 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. To read the House budget proposal, click here.
We are grateful to House Speaker Mariano, Chair Michlewitz, the Massachusetts House of Representatives and staff for including the update to the state's income tax conformity date. We look forward to continuing our work with the Senate and their staff throughout their budget deliberations to ensure this important update is passed into law. Chris Van Buskirk at State House News Service has more on the House budget here.
The Senate is set to release its budget proposal in May. We will keep you posted on all developments.
|
Governor Baker’s $700 Million Tax Relief Package in Spotlight
|
As the House of Representatives took to the House floor to debate its FY23 budget proposal, Representatives rejected several tax policy amendments – including those to raise the estate tax threshold, lower the short-term capital gains tax and other policies outlined in the Governor’s tax relief legislation – at the beginning of Monday’s budget deliberations.
House Revenue Chair Mark Cusack stated multiple times throughout deliberations that the tax changes are currently being deliberated separately before the Joint Committee on Revenue. We expect to learn more on the Governor’s tax relief legislation and understand the House is considering releasing its own tax relief bill soon. Matt Stout at The Boston Globe has more on the tax relief package here.
Last week, MassCPAs President and CEO Amy Pitter joined Governor Charlie Baker, Administration officials and business community leaders to endorse the Governor’s $700 million tax relief package offered with his FY23 budget proposal. To read the press release and watch the livestream, click here.
We look forward to working with Administration officials and the Legislature to see this relief package passed into law. |
Massachusetts 2023 CPA License Renewal Extension Issue Resolved
|
Thank you to members who raised concerns with the CPA license renewals extending to only 2023. We have been in contact with Board of Public Accountancy staff who have assured us the matter has since been resolved and all impacted license holders will receive a corrected license soon.
We have asked when corrected information will be reflected on the Massachusetts ePLACE Portal webpage and are waiting to hear back. We will keep you posted on all information as we receive it.
|
Federal and State Tax News
|
|
|
RSVP to Connect 2022 – Celebrating YOU!
|
|
Join us on Tuesday, May 10, for our signature, member-wide networking event at the stunning Royal Sonesta Hotel in Cambridge! At Connect 2022 (formerly the Annual Meeting), you will network with friends and colleagues while enjoying delicious cocktails, plentiful hors d’oeuvres, live entertainment and spectacular views of the Charles River and Boston skyline. Don’t miss out! REGISTER
|
|
|
|
REMINDER: Important security update for your MassCPAs.org password
|
The new MassCPAs.org launched on March 8, 2022, 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.
|
|
|
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.
|
|
|
 |
