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Middleboro Review 2

NEW CONTENT MOVED TO MIDDLEBORO REVIEW 2

Toyota

Since the Dilly, Dally, Delay & Stall Law Firms are adding their billable hours, the Toyota U.S.A. and Route 44 Toyota posts have been separated here:

Route 44 Toyota Sold Me A Lemon



Friday, July 4, 2008

Massachusetts Budget and Closing Loopholes

Because the state budget was enacted so late in the week by the Legislature, only preliminary information is available, but the following has been posted:

MMA commented (use links for full reports):
Legislature enacts fiscal 2009 state budget
Thursday, July 03 2008
On Thursday, July 3, the members of the House and Senate enacted H. 4900, the Legislature's version of the $33 billion fiscal 2009 state budget, and sent it to the Governor's Desk. The budget includes funding for a wide range of important local government priorities, and omits the proposal to increase the annual cost-of-living adjustment (COLA) paid by municipal retirement systems. The Administration will have 10 days to review the budget before signing it into law.

MBPC reported the following:

MassBudget Brief: Preliminary Analysis of Legislature's Enacted FY 09 Budget The budget approved by the Legislature on July 3 includes very few significant new spending initiatives; it does, however, increase funding substantially to keep commitments made in previous years. The largest increases are in Chapter 70 aid for education and in funding for health care, particularly to finance the increased access to affordable healthcare made possible by the state’s health reform law.

MassBudget Brief: Legislature Passes Corporate Tax Reform
July 1, 2008
On July 1st, 2008 the Massachusetts Legislature enacted corporate tax reform legislation that will significantly reduce opportunities for corporate tax avoidance, improving the fairness and efficiency of the state tax system. The legislation also cuts corporate income tax rates, but by less than the amount saved by reducing tax avoidance.


Commission: Close Loopholes To End Corporate Tax Dodges
In December, Massachusetts’ Special Commission on Corporate Taxes recommended the adoption of a number of measures to close corporate tax loopholes in the Commonwealth’s tax code. MASSPIRG has called on state leaders to enact these measures, and our legislative director, Deirdre Cummings, called on lawmakers to quickly enact the Commission’s recommendations. The Massachusetts House and Senate have each passed a version of the bill, and are working on the final version to be sent to Gov. Deval Patrick's desk.

The first reform, know as “Check the Box” reporting, requires corporations to file as the same entity on both their federal and state taxes. This reform prevents a corporation from, for example, filing as a corporation on their federal returns and a partnership in Massachusetts. The measure, already in place in 45 states, would prevent an estimated $170 million annually in corporate tax avoidance.

The second reform, called Combined Reporting, would put an end to the elaborate corporate shell games some businesses employ by shifting their Massachusetts profits to out-of-state subsidiaries. By requiring firms to file taxes along with their subsidiaries, Massachusetts could close a loophole worth an estimated $220 million annually. Twenty-two states have adopted combined reporting laws, including our neighbors in New Hampshire, Maine and Vermont.



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