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News & Updates from the MSCPA’s 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 reach out to Zach Donah at zdonah@mscpaonline.org or 617.303.2411, or Larry Liuzzo at lliuzzo@mscpaonline.org or 617.303.2405.
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Legislature Overrides Governor’s SALT Amendment, Charitable Deduction Delayed until 2023
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Last week, the Massachusetts Legislature overrode the Governor’s SALT amendment, which will allow pass-through entities and other eligible businesses (including trusts and estates) to pay state income tax at the entity level. However, a partial 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. You can view the SALT language here. The Governor has 10 days to sign the Legislature’s version of the SALT workaround.
Lawmakers also overturned the Governor’s veto on the charitable deduction, which will not go into effect until 2023, barring any additional future delays.
| Massachusetts Collects over $34.1 Billion in FY21
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This week, the Department of Revenue (DOR) reported FY21 collections of over $34 billion in tax revenue, reflecting a 15% increase from last year’s total revenue collections and over $5 billion, or 17%, above this year’s benchmark.
For a detailed breakdown of the tax collections, click here.
| Major Update to Workforce Training Fund
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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 and seminars 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, so don’t delay!
| Mark Nichols, CPA, MST, MBA, Talks Child Tax Credit Payments on NBC 10
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Mark Nichols, CPA, MST, MBA, of Nichols & Company, CPA, PC, Andover, and former MSCPA Board Chair and Tax Committee member, was recently featured on NBC 10 in a segment titled, "Here's Why You Might Want to Opt Out of the Monthly Child Tax Credit Payment."
| Small Business Administration (SBA) to Streamline Paycheck Protection Program (PPP) Forgiveness for Most Loans
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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.
| DOR & IRS Updates
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| Guidance for Paycheck Protection Program (PPP)
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