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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 Department of Revenue (DOR) Issues SALT FAQs and Draft Entity Level Tax Form
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Last week, the Massachusetts DOR released a FAQs webpage for the elective pass-through entity (PTE) excise that was adopted in September. To read the FAQs, click here.
The Massachusetts DOR also issued a draft of the 2021 Massachusetts tax Form 63D-ELT Entity Level Tax. To view the draft form, click here.
We expect the DOR to issue further guidance and update the FAQs as more questions arise. We’ll keep you posted on any developments going forward. MassCPAs will also provide training on the PTE excise, and we will share details with you soon.
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Massachusetts ARPA Bill Remains Unresolved
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By the close of the business day yesterday, which also marked the close to legislative formal sessions for the calendar year, House and Senate leaders announced that they had yet to strike a compromise deal. Budget leaders stated they will continue to meet to work on the details, hinting that a deal could be struck in the coming weeks through informal sessions.
Both pieces of legislation include, in part, language that would make forgiven 2021 Paycheck Protection Program (PPP) loans and other federal loans and state-specific grants nontaxable in Massachusetts for all recipients. The bills are consisted of state surplus money and a portion of the American Rescue Plan Act (ARPA) funds received earlier this year, leaving roughly $2.75 billion in those funds to be allocated in the future.
Over the course of the last few weeks, MassCPAs' government affairs team and CPA Advocates contacted Massachusetts Legislative leaders and legislators to offer our support of both bills, particularly the sections that address the forgiven PPP loans and other federal and state loans and grants and reiterated the importance of passing the bill as soon as possible.
We will contact legislators in both branches to reiterate the importance of passing this legislation as soon as possible and the negative impact further delay has on you and your clients. We hope to know more in the coming days and will keep you posted on any developments.
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President Biden Signs $1.2 Trillian Infrastructure Bill; Massachusetts Expected to Receive $9 - $12 Billion
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On Monday, President Biden signed the $1.2 trillion Infrastructure Investment and Jobs Act into law. The legislation, which was passed with bipartisan support, will fund investments in roads, bridges, broadband internet access, community revitalization efforts and more throughout the country.
As part of that legislation, Massachusetts is slated to receive about $9 - $12 billion for various infrastructure needs across the state. Benjamin Kail at
MassLive has more information on where a portion of the federal funds could go.
There are several tax provisions included in the legislation, a summary of which can be found here.
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DOR & IRS Updates
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Guidance for Paycheck Protection Program (PPP)
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Virtual Federal Tax Camp (12/8, 12/9 or 12/10)
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This could be free if you register by today or tomorrow! Learn more here.
Join Sue Smith, CPA, on December 8, 9 or 10 for our Virtual Federal Tax Camp! Smith will provide the latest updates on the most important legislative and regulatory developments of the season, as well as major trends and changes in case law, with a view toward planning considerations.
REGISTER
Register today with the promo code EARLY
to save $25 on your registration!
This offer ends on November 30.
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