_1648901.jpg) |
|
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 reach out to Zach Donah at zdonah@mscpaonline.org or 617.303.2411, or Larry Liuzzo at lliuzzo@mscpaonline.org or 617.303.2405.
|
SALT Legislation Still Unresolved: Governor Sends Back to Legislature
|
Last week, Governor Baker again sent back the Legislature’s language relative to the taxation of Pass-Through Entities (PTE).
The disputed language would allow pass-through entities and other eligible businesses to pay state income tax at the entity level and would collect an estimated $90 million in revenue. The credit would be available to qualified members in an amount proportionate to each qualified member’s share of the tax due multiplied by 0.9, much like the model used in Connecticut. To read the Governor’s letter outlining his reasoning to return the legislation, click here.
We understand this an area of concern for many of you and will update you as soon as we learn more.
|
U.S. Senate Adopts $3.5 Trillion Budget Framework, Sent to U.S. House
|
The U.S. Senate adopted the framework for a $3.5 trillion budget along a party line vote of 50-49. The vote allows for the Senate to pass the budget by a process called “reconciliation,” which is a special legislative process making it easer for legislation to pass in the Senate by a simple majority, instead of 60 votes and cannot be stalled by filibuster.
The budget would be paid for, in part, by revenue collected through IRS enforcement, a combination of tax revenues and other avenues.
The provisions in the framework of the current resolution include, but are not limited to:
- $726 billion for universal pre-kindergarten, childcare, tuition-free community colleges and others
- $332 billion for housing, rental assistance, homeownership initiatives and others
- $67 billion for various climate initiatives
- $25 billion for small business access to credit, investment and markets.
The final price tag is expected to be lower than the proposed $3.5 trillion as legislators work on the language of the legislation, which is up against a deadline goal of September 15. We will update you as we learn more.
|
U.S. Senate Passes $1 Trillion Infrastructure Deal, Sent to U.S. House
|
- $110 billion for roads, bridges and major projects
- $66 billion for passenger and freight rail
- $1 billion for the revitalization of communities
- $65 billion for broadband
The deal now goes before the U.S House of Representatives where its approval is expected to be held up until the Senate’s $3.5 trillion budget language is drafted, which as we noted, may take until at least September 15. We will provide you with more information in the coming weeks. |
Small Business Administration (SBA) to Streamline Paycheck Protection Program (PPP) Forgiveness for Most Loans
|
Last week, the SBA announced plans to launch an online portal that will allow most PPP recipients to apply for loan forgiveness directly with the agency. This is part of the SBA’s initiative to speed up forgiveness for recipients of $150,000 or less.
To access the Direct Forgiveness Portal, click here.
|
Major Update to Workforce Training Fund
|
Your upcoming CPE with us could be free, thanks to a recent change to the State Workforce Training and Express Fund! This program provides resources to MA businesses to fund training for employees.
On July 21, 2021, they announced an increase to the reimbursement from 50% to 100% for firms/companies with fewer than 100 employees, and 50% reimbursement for firms/companies with 100 or more employees. All MSCPA conferences, seminars and in-house trainings qualify for this program, so work with us to save on your CPE! You must be registered three weeks in advance of the course to qualify – don’t delay!
|
DOR & IRS Updates
|
|
|
Guidance for Paycheck Protection Program (PPP)
|
|
 |
 |
