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On Friday, July 9, the Massachusetts Legislature voted in favor of the Conference Committee’s revised fiscal year 2022 (FY22) budget bill, House No. 4002[1] (budget bill). The Governor has until Monday, July 19 to either approve or veto the budget. As a part of that process, the Governor may veto or reduce specific line items, veto outside sections, or submit proposed amendments for further consideration by the Legislature.
Though the budget bill does not propose any broad tax increases, it includes several notable tax provisions, including among others: converting the child care tax deduction into a refundable credit;[2] creating a new employment tax credit for employers that hire disabled workers;[3] eliminating the income tax deduction for charitable contributions through 2022;[4] eliminating the sunset date of the film tax credit while requiring production companies to expend additional time and resources in Massac
Local banks and the SBA work to forgive PPP loans
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