The Legislature and the administration of Gov. Deval Patrick yesterday set the consensus revenue figure for FY12 at $20.525 billion. This revenue figure will now be the starting point for budget proposals that will come from the Governor, House and Senate. The Governor's proposal, to   …Continue Reading FY12 budget revenue set at $20.525 billion; challenge ahead

The Department of Revenue released this week its third report on the Massachusetts film tax credit. In summary, the report notes that the credit, which cost the Commonwealth $82.4 million for productions filmed in calendar 2009, generated $319 million in spending, of which $103.8 million was   …Continue Reading Film Tax Credit report outlines film industry spending in MA

The Department of Revenue has just advised taxpayers, in Directive 10-7, that a taxpayer occupying his or her principal residence under the terms of a life estate (which requires the life tenant to pay real estate taxes) and is otherwise eligible may claim the Senior Circuit   …Continue Reading Life Estate’s qualify for Senior Circuit Breaker Tax Credit

Continuing signs of economic recovery are contained in the December revenue report DOR released today. The monthly collection of $2.072 billion was up $186 million or 9.8 percent from last December, and year-to-date for the first half of FY11, collections of $9.595 billion are now $755   …Continue Reading December a merry month for revenue

Effective Jan. 1, the state's corporate tax rate has dropped from 8.75 percent to 8.25 percent, marking the second year in a row the rate has declined. An estimated 35,000 Massachusetts-based businesses will benefit from this reduction, making it easier for companies to expand and   …Continue Reading Corporate tax rate down to 8.25 percent; was 9.5 percent in calendar 2009