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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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Massachusetts Senate Passes $46 Billion Fiscal Year 2021 Budget
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The Massachusetts Senate passed their $46 billion fiscal year 2021 budget late last night with a unanimous vote of 40-0. The budgets from both branches of the Legislature now go to a conference committee where details will be finalized before landing on Governor Baker’s desk for review and potential signature. The Senate budget price tag largely mirrors both the House and Governor’s and it does not call for new revenues or raising taxes.
Like the Governor’s and House budget proposals, the Senate budget includes the language relative to partnership audits, which would enable the Department of Revenue (DOR) to collect tax from partnerships or from individual partners in cases where the partnership accounts for the federal tax as a result of changes in federal partnership auditing rules in order to avoid significant revenue loss.
The Senate also adopted language that will accelerate sales tax collections from businesses that collect and remit more than $150,000 from sales taxes in a year that reportedly would collect $267 million.
Leading up to the budget discussions, Senate leaders stated they had little interest in instituting new taxes on corporations in this budget. On Tuesday, an amendment that would increase taxes on businesses was withdrawn. Lawmakers say that discussions on new revenue will commence in 2021 as they begin to craft a state budget for Fiscal Year 2022.
We should know more details in the coming days and will provide that information to you once we have it.
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Governor Baker Announces $10 Million to Community Foundations for COVID-19 Relief
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Governor Baker and Lt. Governor Polito announced a $10 million fund to support individuals and households experiencing severe economic hardships due to COVID-19.
The money is distributed among 14 community organizations across Massachusetts and can be used for housing and utilities, food security, emergency childcare and more.
For more information on this program, click here.
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Recent Additional Restrictions to Curb COVID-19 Cases
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Governor Baker released a series of executive orders aimed to “disrupt rising trends” of positive COVID-19 cases. Included in the orders and advisories are: - Stay-at-home advisory
– Instructs residents to stay home between the hours of 10:00 p.m. and 5:00 a.m.;
- Early closure of businesses and activities
– Orders certain businesses, including restaurants, liquor stores, gyms and others, to cease certain sales, dine-in service and other activities at 9:30 p.m.;
- Gatherings order
– Reduces the number of people allowed indoor or outdoor at private residences and orders that gatherings must end at 9:30 p.m.; and
- Face covering order – Requires individuals to wear face coverings in public at all times, including when more than six feet away from another individual.
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Guidance for Paycheck Protection Program (PPP)
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DOR & IRS Updates
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