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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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FY23 Budget Hearings Commence
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The Joint Committee on Ways and Means held its first of several budget hearings on Tuesday as members of the Baker administration and others testified on the Governor’s $48.5 billion spending plan. Executive Office of Administration and Finance Secretary Michael Heffernan outlined the highlights of the Governor’s proposal, including the nearly $700 million in tax cuts for Massachusetts residents. The tax relief provisions include, but are not limited to:
The Governor’s proposal would also increase Massachusetts’ stabilization account from $4.6 billion to $6.6 billion by the end of the next fiscal year. Matt Murphy with the State House News Service has more details on the hearing, which can be found here.
The Massachusetts House of Representatives is expected to release its budget sometime in April with the Senate following suit later in the spring. We’ll keep you posted on those developments as we learn more.
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Department of Revenue (DOR) Tax Season Information
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Massachusetts taxpayers will have until Tuesday, April 19, to file their federal and state 2021 income tax returns, file for personal income extensions and submit Q1 estimated payments.
Below are links to various DOR webpages outlining important tax season information. The DOR has committed to updating these webpages 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.
To sign up to receive important updates directly from the DOR, click here.
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DOR State and Local Tax (SALT) Information
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DOR Update: Eligible pass-through entities (PTE) must register for the 63D-ELT tax type before making a payment. Do 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.
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Massachusetts January 2022 Revenue Collections at $4.026 Billion
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The DOR announced January 2022 revenue collections totaled $4.026 billion, which is $679 million (20.3%) more than January 2021 and $856 million (27%) above monthly benchmarks.
FY22 year-to-date collections total $21.872 billion, which is $4.219 billion (23.9%) more than the same period of FY21, and $1.450 billion (7.1%) more than year-to-date benchmark.
To learn more, click here.
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DOR & IRS Updates
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Guidance for Federal Relief Programs
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