- July 15, 2014
- Posted by: Jenna McQuinn
- Category: In The Know, Massachusetts Budget 2015, News
On July 11, 2014, Massachusetts Governor Deval Patrick signed into law the fiscal year 2015 budget bill. Items covered in the budget include an authorization for the Commissioner of Revenue to establish a 2-month tax amnesty program during which certain taxpayers can filed and pay delinquent taxes without penalty. The budget act also delays the implementation of the FAS 109 deduction by another year, net worth of a business corporation and the MA adjusted basis of property, and clarifies the role of a principal reporting corporation for purposes of combined reporting. The bill also expands the cases eligible for the expedited small claims tax appeal procedure by raising the threshold amount for eligible cases.