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Effective January 1, 2010, the corporate tax rate in Massachusetts will drop from 9.5 percent to 8.75 percent, while the financial institution tax rate will drop from 10.5 percent to 10 percent. Those reductions, combined with the effective lowering of the tax rate for S …Continue Reading Business tax cuts take effect January 1, 2010
New legislation allows for extended time to mail fiscal year 2010 actual property tax bills. Communities that have accepted the quarterly tax payment system, or semi-annual preliminary tax payment system, under G.L. c. 59, section 57C, can now have until January 30, 2010. The mailing …Continue Reading Cities and towns get an extra month to mail property tax bills for FY2010
In an effort to reach a consensus revenue estimate for planning the coming year's budget (FY11, which begins July 1, 2010) the Legislature and Administration hold a hearing every December to hear revenue forecasts from economists and the Department of Revenue. At today's hearing held …Continue Reading Economists, DOR, see uptick coming in FY11 tax collections
The Department of Revenue has released its report on compliance with the health insurance individual mandate for tax year 2008. The headlines are captured in the press release which announces that more than 96 percent of adult tax filers had coverage at some point during the year while …Continue Reading Health insurance mandate is working
The Department of Revenue released its November revenue report yesterday showing an increased monthly collection of 2.7 percent from November 2008 and an above-benchmark monthly performance of $12 million. So far so good. But keep in mind that year-to-date tax collections are $369 million or 5.1 …Continue Reading November revenues up 2.7 percent; revised Oct. 15th revenue estimate holding steady
The Division of Local Services is pleased to announce that the next issue of City and Town is now available online. Articles of interest include a look back at how the legal concept of "home rule" developed in Massachusetts and how it fits in the …Continue Reading The November issue of City and Town is now available …
Governor Deval Patrick, Lt. Governor Tim Murray, and their cabinet officials met last week with newly elected mayors from across the state. The meeting was held both to congratulate each mayor and to reiterate the administration’s commitment to partnering with local leaders to provide the services …Continue Reading Governor Patrick, Lt. Governor Murray and their Cabinet meet with the Commonwealth’s Newest Mayors: Focus on Innovation, Education, Infrastructure and Regionalism
It's not exactly stop-the-presses stuff, but it turns out that for the first two months of collections, the imposition of the sales tax on beer, wine and alcohol in Massachusetts has exceeded projections by about 33 percent. The tax took effect August 1, but revenue …Continue Reading Sales tax on beer, wine and alcohol exceeding estimates
Governor Deval Patrick announced his plans to reduce state spending in light of the projected $600 million shortfall in state revenues on October 29, 2009. Governor Patrick's plans included spending reductions under M.G.L. Ch 29, Section 9C that will impact state aid to cities, towns and …Continue Reading 9C revisions to Cherry Sheets for Fiscal Year 2010
The October revenue numbers have been published and they show a monthly collection of $1.223 billion that is $72 million more than a year ago and $22 million better than the revised benchmark set for the month on October 15th. Time to break out the champagne? …Continue Reading October revenues: Trick or treat?
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2009