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Massachusetts FY2015 Budget Includes Several Tax Changes
Posted by Tarra Curran on Fri, Jul 18, 2014 @ 09:18 AM

Authors: Tarra Curran, CPA, MST and Leo Drury, CPA

Massachusetts Gov. Deval Patrick on July 11, 2014 signed into law the Commonwealth’s $36.5 billion FY2015 budget, which includes a number of business and tax-related topics, among them authorizing a tax amnesty program, clarifying how corporations compute net worth for excise tax purposes, and delaying the FAS 109 deduction.

At the same time, the governor issued $16.1 million in non-tax-related, line-item spending vetoes, including $2.2 million for the Department of Correction, $1.8 million for state parks and recreation, and $549,000 for a state dam program. The new budget also eliminates earmarks for a variety of smaller projects.

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Topics: Tarra Curran, Massachusetts, FY2015 Budget, Leo Drury

New Rhode Island Budget Enhances State’s Competitiveness
Posted by Tarra Curran on Tue, Jul 8, 2014 @ 10:36 AM

Rhode Island Governor Lincoln Chafee on June 19, 2014 signed the state’s FY2015 budget, pro-business legislation intended to spur economic recovery and encourage job creation. Supporters praised the new budget as one designed to help Rhode Island attract and retain business and create new jobs in part by reducing the corporate tax rate, which boosts the state’s competitiveness. With this new budget, Rhode Island goes from having one of New England’s highest tax rates to the lowest.

Highlights of the FY2015 budget include:

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Topics: Tarra Curran, FY2015 Budget, New Rhode Island Budget

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