Earlier this week, Gov. Deval Patrick signed with an Energency Preamble the new Municipal Relief law . The preamble allows the provisions of the law to take immediate effect.
Highlights of the law, formally titled An Act Relative to Municipal Relief, include:
– Allowing cities and towns to extend their pension funding schedules out to 2040, rather than meeting the previous deadline of 2030 which seemed all but impossible given unprecedented asset losses from the stock market decline of 2008;
– Giving communities more flexibility in their borrowing by allowing the financing of projects over a term matching the asset's useful life up to 30 years;
– Permits communities to adopt a limited early retirement program;
– As noted in City and Town article of July 22, "Certification Year Reshuffle," restructures the schedule for triennial property tax recertifications.
There is much more in the new law, including changes in bidding, intermunicipal agreements, and provisions to stimulate regionalization and shared services.
DOR Ruling Favorable in First Circuit Judgment posted on Mar 17
The United States Court of Appeals for the First Circuit issued judgments in the Department of Revenue’s (DOR) favor last month, finding that taxpayers in Bankruptcy proceedings cannot discharge late filed tax returns. The court consolidated two similar cases brought before them involving a total …Continue Reading DOR Ruling Favorable in First Circuit Judgment
Five Reasons to E-File with DOR’s WebFile for Income posted on Feb 24
With Tax season well under way; DOR would like to help you make the decision to E-File with WebFile for Income this year. We know, “I’m not computer savvy” or “What about the safety of my information” has been said many times before, but we’d …Continue Reading Five Reasons to E-File with DOR’s WebFile for Income
Class in Session at DOR University posted on Jan 20
Looking to educate yourself this tax season? Want to learn more about tax options, or DOR-related issues? All this can be achieved at DOR University, the Department of Revenue’s free online e-learning module. DOR University, created to offer free tax education to the public and …Continue Reading Class in Session at DOR University