Budget, Tax and Finance

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Associated Industries of Massachusetts supports tax and fiscal policies that encourage growth, investment, jobs and opportunity. Only economic growth creates the sustainable financial foundation government requires to provide public safety, education, road repair and other primary services.

 

  • Taxes
  • Budget and Finance
  • Get Involved

 

AIM Supports

 

Maintaining interest expense deductibility

Provide clarity that Massachusetts will not apply IRC Section 163J which was created under the federal

Tax Cuts and Jobs Act (TCJA) of 2017 to corporations. This bill would decouple the state’s tax code from the new interest
expense deductibility limitations under IRC §163(j). Decoupling from this provision would prevent a corporate tax increase and ensure the state remains competitive for investment.

 

Extending the single-sales factor to all industries

Extend single-sales factor apportionment to all Massachusetts industries. The Single Sales Factor apportionment is the ratio of Massachusetts sales to overall sales; under current law, it applies to manufacturing companies, qualifying defense contractors, and qualifying financial service providers. 

 

Ensuring the privacy of taxpayer information

Protect work in progress (WIP) documents for work related to audits by the Office of the Treasurer
regarding unclaimed property.
 

Improving the tax administrative laws of the commonwealth

Reform current Department of Revenue administrative procedures for auditing corporations, encourage tax settlements with a broad tax amnesty program and restore quarterly payment of taxes.

 

Equalizing Department of Revenue interest rates

Equalize the current short-term interest rate on money owed by a taxpayer to the Massachusetts Department of Revenue (DOR)  from a high of 4 percent compounded daily to a rate of 2 percent simple interest, which is the current rate paid by the DOR to a taxpayer when the taxpayer is due a refund or has overpaid.

 

Clarifying the Net-Worth Calculation

Clarify current law on how the Department of Revenue determines debt or equity when auditing corporation's financial transactions to determine the net-worth tax of a corporation.

 

Tax Credits for Manufacturing Skills Training

Provide a 50 percent tax credit for eligible expenses for employees achieve successful certification through the Massachusetts Manufacturing Advancement Center Workforce Innovation Collaborative’ s (MACWIC) Applied Manufacturing Technology Pathway Certification Program.  Employees must be full time and employed in the commonwealth.

 

Eliminating Contingent Fee Auditors

Prevent any state agency from hiring contingent fee auditors for any purpose related to Massachusetts taxation.  

Become an AIM Ambassador

 

Join the AIM Tax Committee.

 

Attend AIM briefings and Webinars.

 

Use the AIMVoice messaging system to contact elected officials on key issues.

 

Tell us how a tax policy or proposal impacts your business.

 

Host a company tour for elected officials.

 

Educate your employees about the repercussions of particular proposals.

 

Get Active on Social Media Subscribe to the AIM blog and visit us on Facebook, LinkedIn and Twitter (@aimbusinessnews).

 

AIM Expert:
Brad MacDougall
Vice President, Government Affairs
bmacdougall@aimnet.org

Budget, Tax and Finance
Massachusetts state budget, corporate tax, finance, taxes
The latest information from AIM on Massachusetts tax policy including corporate tax policy and administrative tax policy.
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