It’s now official. Last Thursday, Governor Baker signed the long-anticipated COVID-19 relief bill into law. The legislation includes language to conform to the federal tax treatment of Paycheck Protection Program (PPP) loans forgiven in 2020, Economic Injury Disaster Loan (EIDL) advance grants received in 2020 and the Small Business Administration (SBA) debt relief payments made in 2020.
The bill also includes unemployment income forgiveness up to $10,200 for Massachusetts residents whose household incomes are at or below 200% of the federal poverty level. We know many of you have outstanding questions, and we are working with the Department of Revenue (DOR) to ensure those are addressed. In the meantime,
click here to read the DOR guidance for this legislation.
The MSCPA and I are grateful to Governor Baker and every elected official who listened to our calls and supported this critical piece of relief for you and your clients across the state. I’m especially grateful to you for your ongoing outreach to your legislators and for keeping our Government Affairs Team informed of those conversations throughout the process. Thank you for your continued support.
Our advocacy on Beacon Hill is an important piece of what we do at the Society. Your involvement is critical and adds tremendous value while working with the Legislature — the legislators want to hear directly from you, their constituents. To get more involved in our advocacy efforts, please consider signing up as a “
Key Person.”
And remember, if you have questions about this new law or anything else during tax season, head to the
HUB. Your fellow members can help answer your questions and find solutions.
As I sign off on this lovely spring day, I’m still stinging a bit from my March Madness bracket. If you’re like me and lost big, don’t worry, the Kentucky Derby is right around the corner!