Regulatory Recap
State and Federal Regulatory Update
STAY
TUNED
Final Market-Based Sourcing Regs Pending: Last year’s transportation financing
legislation included provisions to implement market-based sourcing for the apportionment of receipts from the sale of intangibles. Mike Fatale, the Department of
Revenue’s Chief of the Rulings and Regulations Bureau, joined MSCPA members for a
walk-through of the draft regulation in late April. The DOR is expected to finalize the
regulation in mid-September. The Society will actively participate as the regulation
moves forward.
Community Investment Tax Credit Rule Released: The Department released the
final community investment tax credit regulation. This regulation explains the
calculation of the community investment tax credit allowed for cash contributions to
certain community partners or community partnership funds made on or after
January 1, 2014. The credit is due to sunset on December 31, 2019.
Learn More
STAY
TUNED
Board of Public Accountancy to Revise Regulations: The Massachusetts Board of
Public Accountancy has begun a formal regulatory amendment process to review each
of the Board’s regulations. The Society submitted testimony in support of changes to
allow for non-CPA leadership, comments regarding the short form reciprocal
application for out-of-state applicants, and amendments to bring the peer review
sections into compliance with the Uniform Accountancy Act (a copy of the testimony
can be found here). The MSCPA will continue to engage with the Board as they move
forward with the process. We encourage you to share with us your ideas for improving
the current regulations.
Chapter 2 Trivia:
Just last week, Governor Patrick signed
legislation to name volleyball as the
official “recreation and team sport” of
the Commonwealth. Volleyball, like
basketball, was invented in Massachusetts. The Volleyball Hall of Fame
welcome inductees from around the
world each year to its facility in
Holyoke, just 10 miles north of
Springfield (home of the Basketball
Hall of Fame).
Did you know there are
60 similar designations?
They include:
• The official cookie (chocolate chip);
• The official beverage
(cranberry juice); and
• The official dog (the Boston terrier).
Read More
Committees
Consider joining the State or Federal Taxation Committee to take
an active role in the Society’s policy and regulatory decisions, a
critical component of our advocacy efforts. Sign up today!
For more information, please contact
Zach Donah, Government Relations
Specialist, at [email protected]
or 617.303.2411.
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