DALLAS, Jan. 27, 2014 /PRNewswire/ -- On January 22, 2014, Massachusetts Governor Deval Patrick announced his budget for fiscal year 2015. While much of the budget is focused on investments in education and infrastructure, those in the tax community will be particularly interested in the proposition to close tax loopholes the Governor has attempted to close in past years. Included among these loopholes, according to the summary, is a proposition to impose tax on the markup that online travel companies receive. Similarly, the budget proposes to apply the room occupancy tax on new forms of transient rental, such as apartments, condos, and homes. The budget seeks to close another loophole by applying the corporate tax rate to pass-through entities owned by insurance companies and security corporations.
The budget summary anticipates that closing these loopholes will raise $40 million but expects a new sales tax on candy and soda purchases to raise $57 million dollars for the Commonwealth, which revenue will be entirely dedicated to supporting public health services and infrastructure.
The budget proposal will be reviewed by the House and Senate. After drafting their budget proposals, the Legislature will deliver a compromise budget plan to the Governor before June 30, 2014, the end of the fiscal year.
For more information on the budget, the Governor's summary is available at:
http://www.mass.gov/bb/h1/fy15h1/exec_15/hdefault.htm
About Ryan
Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the seventh largest corporate tax practice in the United States. Headquartered in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a three-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 1,600 professionals and associates serves over 9,000 clients in 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at www.ryan.com.
(Logo: http://photos.prnewswire.com/prnh/20110726/DA41187LOGO)
TECHNICAL INFORMATION CONTACT:
Jeremiah T. Lynch
Principal
212.871.3901
[email protected]
Available Topic Expert(s): For information on the listed expert(s), click appropriate link.
Jerry Lynch
https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=113520
SOURCE Ryan
Share this article