This week, Massachusetts Governor Maura Healey unveiled a $742 million tax relief package designed to provide relief to the Commonwealth’s most vulnerable populations and make the state's tax structure more competitive.
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 and 2021.
In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware that the WOTC is available to employers that hire workers from targeted groups who face significant barriers to employment. The credit is worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”). It’s generally limited to eligible employees who begin work for the employer before January 1, 2026.
Like the rest of the country, we have been waiting to learn what President Biden’s federal tax proposal will look like, and how it will impact individuals and businesses. On October 28, 2021 Biden announced a new version of the Build Back Better (BBB) framework that outlines spending provisions of $1.75 trillion over ten years, and revenue offsets of up to $2 trillion during that time period.