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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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Governor Baker & Lt. Governor Polito Not Running for Third Term
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Yesterday, Governor Baker and Lt. Governor Polito announced they will not seek a third term for governor and lieutenant governor. Lt. Governor Polito also announced she will not run for governor in 2022. This decision is likely to open a flurry of interest on both sides of the political aisle.
There are three democrats already in the race for governor and it is likely that more will announce intentions to run. Massachusetts Attorney General Maura Healey has indicated for months that she is exploring a run for governor and the recent developments may accelerate her decision to officially declare her candidacy. U.S. Secretary of Labor and former Boston Mayor, Marty Walsh, is also reportedly exploring a run for governor.
Former Republican Massachusetts State Representative and candidate for the U.S. Senate, Geoffrey Diehl, declared his candidacy for the republican nomination for governor a few months ago and is currently the only major republican candidate in the race. With Governor Baker and Lt. Governor Polito out of the race, more republican candidates are likely to emerge.
We’ll be following the 2022 Massachusetts races over the next few months and will keep you posted on any developments.
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Massachusetts Legislature Finalizes ARPA Bill, Votes Expected Today and Tomorrow
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Massachusetts legislative leaders announced a long-anticipated comprised $4 billion American Rescue Plan Act (ARPA) bill. Included on pages 158-159 is the 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 will be part of the package. The State House News Service shared more details here.
The House is scheduled to vote on the bill later today and the Senate plans to do so tomorrow. Be sure to read tomorrow’s Friday@Five for any new developments that occur after this newsletter goes out.
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Massachusetts Department of Revenue (DOR) Updates SALT FAQs
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The Massachusetts Department of Revenue (DOR) continues to update the FAQs for the elective pass-through entity (PTE) excise that was adopted in September. To read the FAQs (last updated yesterday), click here.
The DOR also issued a draft form 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 continue to update the FAQs as more questions arise. We’ll keep you posted on any developments going forward.
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DOR & IRS Updates
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Guidance for Federal Relief Programs
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Virtual Federal Tax Camp (12/8, 12/9 or 12/10)
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LAST CHANCE TO REGISTER! 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
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