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
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