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Massachusetts enacts tax amnesty program

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Massachusetts Gov. Charlie Baker signed the state’s budget bill for the upcoming 2016 fiscal year on July 17. The legislation includes a 60-day tax amnesty program that the commissioner of revenue must conduct by June 30, 2016. The budget passed by the legislature included a provision that increased the earned income tax credit (EITC), but this provision was contingent on the repeal of the so-called FAS 109 deduction. Gov. Baker returned this provision with recommendations for amendment. Gov. Baker approved legislation on Aug. 5 that increases the EITC and delays implementation of the FAS 109 deduction for a fifth time. In addition to postponing the FAS 109 deduction for five more years, the legislation extends the period during which the deduction may be claimed from seven years to 30 years.

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