Showing posts with label Tax credit. Show all posts
Showing posts with label Tax credit. Show all posts

Wednesday, December 22, 2021

Trane shares tax benefit with Tri-County

Representatives of Trane Technologies (NYSE:TT), a global climate innovator in heating, ventilation and air conditioning (HVAC) and transport refrigeration, presented a check in the sum of $27,327.74 to Superintendent, Karen Maguire for the benefit of Tri-County Regional Vocational Technical High School at their Franklin, MA facility.  

Through a proven and innovative procurement and contracting process known as Performance Contracting, Trane designed and installed a comprehensive range of facility improvements at Tri-County that will provide a safe, comfortable, and efficient learning environment while substantially reducing energy consumption.

The $7M project, financed by an independent third party, and completed in 2020, included a roof replacement, new HVAC equipment and controls, and a comprehensive lighting systems upgrade. As part of the Performance Contracting process, Trane will guarantee that Tri-County will realize a reduction in energy consumption equaling $178,000/year over the 20-year term. Trane will also provide ongoing maintenance services to ensure optimal operation of project improvements for the long term.


Photo (L-R): Harry Takesian, Karen Maguire, Leo McNeil, Morgan Perras, Chris Marshall
Photo (L-R): Harry Takesian, Karen Maguire, Leo McNeil, Morgan Perras, Chris Marshall

“As a local resident and taxpayer, I am pleased to help facilitate a mechanism whereby Tri-County is able demonstrate fiscal and environmental stewardship while optimizing the learning environment for students.” said Leo McNeil of Trane.

“As a civic minded organization, Trane is pleased to share a portion of the 179D tax benefit with our customers” said Morgan Perras, of Trane.

Internal Revenue Code Sec. 179D is a popular tax incentive that provides building owners and eligible designers/builders the opportunity to claim a tax deduction for installing qualifying energy efficient systems in buildings.  Accordingly, Trane Technologies can file for this incentive for projects implemented at tax-exempt entities, such as Tri County Vocational Technical High School.

“Trane is pleased to present this share of the 179d tax benefit for this project to Tri-County”, said Chris Marshall, of Trane. The check is presented as a gift to Tri-County for their use in fulfilling their mission to provide an excellent comprehensive technical and academic education to regional high school students.


Sunday, February 28, 2021

Franklin, MA: Town Council Meeting - Mar 3, 2021 - Agenda


1. ANNOUNCEMENTS FROM THE CHAIR

This meeting is being recorded by Franklin TV and shown on Comcast channel 11 and Verizon Channel 29.  This meeting may be recorded by others. 

2. CITIZEN COMMENTS

Citizens are welcome to express their views for up to five minutes on a matter that is not on the agenda. The Council will not engage in a dialogue or comment on a matter raised during Citizen Comments. The Town Council will give remarks appropriate consideration and may ask the Town Administrator to review the matter.

3. APPROVAL OF MINUTES

a. February 17, 2021
b. February 3, 2021

4. PROCLAMATIONS/RECOGNITIONS
None Scheduled

5. APPOINTMENTS
a. Conservation Commission - Andrew Mazzuchelli

6. HEARINGS - 7:10pm
None Scheduled

7. LICENSE TRANSACTIONS
None Scheduled

8. PRESENTATIONS/DISCUSSIONS
a. Senior Circuit Breaker Income Tax Credit - Erin Rogers, Senior Center Director
b. Downtown Franklin MBTA Parking Lot

9. SUBCOMMITTEE REPORTS
a. Capital Budget Subcommittee 
b. Budget Subcommittee 
c. Economic Development Subcommittee

10. LEGISLATION FOR ACTION

10a. LEGISLATION FOR ACTION
Bylaw Amendment 21-869: Chapter 82, Municipal Service Fees Section 82-6 Schedule of Service Fees, Subsection F. Fire - Second Reading (Motion to Adopt Bylaw Amendment 21-869 - Majority Roll Call Vote)

10b. LEGISLATION FOR ACTION
Resolution 21-12: Cable Funds in Support of PEG Service and Programming per MGL Ch. 44, §53 F3/4 (Motion to Approve Resolution 21-12 - Majority Roll Call Vote) 

11. TOWN ADMINISTRATOR'S REPORT
a. COVID-19 Updates

12. FUTURE AGENDA ITEMS

13. COUNCIL COMMENTS

14. EXECUTIVE SESSION
None Scheduled

ADJOURN

Note: 
  • Two-Thirds Vote: requires 6 votes
  • Majority Vote: requires majority of members present and voting

Agenda and documents released for this meeting

Franklin, MA: Town Council Meeting - Mar 3, 2021 - Agenda
Franklin, MA: Town Council Meeting - Mar 3, 2021 - Agenda


Friday, May 8, 2020

IRS: Three new credits are available to many businesses hit by COVID-19

The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits available to them.

Employee Retention Credit:
The employee retention credit is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.

The credit is available to all employers regardless of size, including tax-exempt organizations. There are only two exceptions: State and local governments and their instrumentalities and small businesses who take small business loans.

Qualifying employers must fall into one of two categories:
  • The employer's business is fully or partially suspended by government order due to COVID-19 during the calendar quarter.
  • The employer's gross receipts are below 50% of the comparable quarter in 2019. Once the employer's gross receipts go above 80% of a comparable quarter in 2019, they no longer qualify after the end of that quarter.
Employers will calculate these measures each calendar quarter.

Paid Sick Leave Credit and Family Leave Credit:
The paid sick leave credit is designed to allow business to get a credit for an employee who is unable to work (including telework) because of Coronavirus quarantine or self-quarantine or has Coronavirus symptoms and is seeking a medical diagnosis. Those employees are entitled to paid sick leave for up to 10 days (up to 80 hours) at the employee's regular rate of pay up to $511 per day and $5,110 in total.

The employer can also receive the credit for employees who are unable to work due to caring for someone with Coronavirus or caring for a child because the child's school or place of care is closed, or the paid childcare provider is unavailable due to the Coronavirus. Those employees are entitled to paid sick leave for up to two weeks (up to 80 hours) at 2/3 the employee's regular rate of pay or, up to $200 per day and $2,000 in total.

Employees are also entitled to paid family and medical leave equal to 2/3 of the employee's regular pay, up to $200 per day and $10,000 in total. Up to 10 weeks of qualifying leave can be counted towards the family leave credit.

Employers can be immediately reimbursed for the credit by reducing their required deposits of payroll taxes that have been withheld from employees' wages by the amount of the credit.
Eligible employers are entitled to immediately receive a credit in the full amount of the required sick leave and family leave, plus related health plan expenses and the employer's share of Medicare tax on the leave, for the period of April 1, 2020, through Dec. 31, 2020. The refundable credit is applied against certain employment taxes on wages paid to all employees.

How will employers receive the credit?
Employers can be immediately reimbursed for the credit by reducing their required deposits of payroll taxes that have been withheld from employees' wages by the amount of the credit.
Eligible employers will report their total qualified wages and the related health insurance costs for each quarter on their quarterly employment tax returns or Form 941 beginning with the second quarter. If the employer's employment tax deposits are not sufficient to cover the credit, the employer may receive an advance payment from the IRS by submitting Form 7200, Advance Payment of Employer Credits Due to COVID-19 (https://www.irs.gov/forms-pubs/about-form-7200).

Eligible employers can also request an advance of the Employee Retention Credit by submitting Form 7200.

The IRS has also posted Employee Retention Credit FAQs (https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act) and Paid Family Leave and Sick Leave FAQs (https://www.irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs) that will help answer questions.

Updates on the implementation of the Employee Retention Credit and other information can be found on the Coronavirus page of IRS.gov.

Related Items:
•FS-2020-05, New Employee Retention Credit helps employers keep employees on payroll (https://www.irs.gov/newsroom/new-employee-retention-credit-helps-employers-keep-employees-on-payroll)


Shared from 
https://www.irs.gov/newsroom/irs-three-new-credits-are-available-to-many-businesses-hit-by-covid-19

Wednesday, April 1, 2020

Economic impact payments: What you need to know

The Treasury Department and the Internal Revenue Service today (3/30/20) announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.

Who is eligible for the economic impact payment?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.

How will the IRS know where to send my payment?
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

The IRS does not have my direct deposit information. What can I do?
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

I am not typically required to file a tax return. Can I still receive my payment?
Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

How can I file the tax return needed to receive my economic impact payment?
IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.

I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.

I need to file a tax return. How long are the economic impact payments available?
For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.

Where can I get more information?
The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.

The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on IRS.gov/coronavirus rather than calling IRS assistors who are helping process 2019 returns.

 
Economic impact payments: What you need to know
Economic impact payments: What you need to know

Tuesday, February 12, 2019

MassBudget: Why Top-Income Households Receive Most Tax Benefits from Charitable Deduction



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February 11, 2019



Why Top-Income Households Receive Most Tax Benefits from Charitable Deduction

BOSTON - Our Commonwealth does best when all people experience rising prosperity. But for several decades, the wealth and income of the top 1 percent of households has grown briskly while others have been left behind. While there are many reasons for this trend, one contributing factor is the way the federal tax deduction for charitable giving disproportionately rewards the giving of those with incomes over $1 million compared with donations made by moderate- and low-income tax filers.
While higher-income households have more money to give away - and therefore give larger dollar amounts to charity than households with less income - the benefits of charitable tax deductions remain heavily skewed towards top-income households, according to a new Massachusetts Budget and Policy Center (MassBudget) report. The top incomes average 160 times more than those earning incomes below $50,000, but their average charitable deduction is about 1,320 times larger.
"In Massachusetts, taxpayers who have incomes over $1 million claim almost half of all charitable deductions, though they make up less than 0.5 percent of tax filers. Meanwhile, tax filers with incomes of $200,000 or less claim only 29 percent of charitable tax deductions," said Phineas Baxandall, Senior Policy Analyst at MassBudget and author of the report.
Why Top-Income Households Receive Most Tax Benefits from Charitable Deduction
Research shows high-income households do not necessarily give a larger portion of their incomes to charity than lower-income households. Some studies find that, in fact, low- and middle-income givers actually contribute a larger percentage of their incomes. A key reason the tax benefits for charitable giving are skewed toward high-income households is: charitable giving can only be deducted from federal taxes if they are itemized (listed in detail). 

Most low- and moderate-income taxpayers don't tend to itemize their deductions, instead they usually opt for the larger (and simpler) standard deduction. For most top-income households, the standard deduction is too small compared to the deductions they can claim, so the vast majority choose to itemize deductions and avoid taxation on a larger portion of their incomes.
Massachusetts does not currently have a charitable deduction for state income taxes but, if the state's income tax rate drops to 5.0 percent in January 2020 - as anticipated by the Department of Revenue and following policy triggers enacted in 2002 - then a state charitable deduction would kick in the following year. 

Adding a state charitable deduction would reduce revenues by about $300 million per year, leaving less money for education, public health, transportation, affordable housing, and other programs funded by the state budget.
"In Massachusetts' upside-down tax system, people with lower incomes pay a larger percentage of their incomes in taxes than top-income households. Adding a state charitable deduction on top of the federal one would make this system even more imbalanced," said Marie-Frances Rivera, Interim President of MassBudget.
The Massachusetts Budget and Policy Center (MassBudget) produces policy research, analysis, and data-driven recommendations focused on improving the lives of low- and middle-income children and adults, strengthening our state's economy, and enhancing the quality of life in Massachusetts.

MASSACHUSETTS BUDGET AND POLICY CENTER
15 COURT SQUARE, SUITE 700
BOSTON, MA 02108


Massachusetts Budget and Policy Center, 15 Court Square, Suite 700, Boston, MA 02108

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Sunday, January 14, 2018

MassBudget: Sweeter than SALT



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Sweeter than SALT: Highest-Income Households Get Federal Tax Cuts More Than Twice SALT Losses 
The federal government has enacted very large tax cuts targeted mostly at higher-income taxpayers. The resulting loss of an almost $1.5 trillion in federal revenue is likely to lead to cuts in federal support for programs that are important to people in Massachusetts and to the state budget. Amid these deep tax cuts, a new federal limit on the deductibility of state and local taxes (SALT) has received a lot of attention. Households that itemize deductions and pay over $10,000 in combined state and local taxes will no longer be able to deduct more than this amount when calculating their taxable income for federal taxes.

For Massachusetts' highest-income households-those with annual incomes over $1 million-the average tax cuts from other federal changes in the law are more than twice the average size of the impact from the loss of SALT deductibility.
Massachusetts' highest-income households will become substantially affluent as a result of the federal tax changes. Households with incomes over $1 million in 2019 are projected to have an average income of $3.4 million. For this group the federal tax changes-including the limits to SALT deduction-represent a combined $2.58 billion tax cut. The average tax cut for these taxpayers will be $95,800 after accounting for the effects on the SALT changes.
Read this fact sheet online here.
The Massachusetts Budget and Policy Center (MassBudget) produces policy research, analysis, and data-driven recommendations focused on improving the lives of low- and middle-income children and adults, strengthening our state's economy, and enhancing the quality of life in Massachusetts.

MASSACHUSETTS BUDGET AND POLICY CENTER
15 COURT SQUARE, SUITE 700
BOSTON, MA 02108
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Massachusetts Budget and Policy Center, 15 Court Square, Suite 700, Boston, MA 02108

Sent by nberger@massbudget.org in collaboration with
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Friday, March 27, 2015

MassBudget: The Massachusetts Film Tax Credit - Is it worth it?



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 Massachusetts Budget and Policy Center  Democracy.


The Massachusetts Film Tax Credit

State policy can help build an economy that works for everyone. With high quality education and training opportunities for all, and with functioning core public structures like a reliable transportation system, our entire economy grows stronger. States can also support families across the Commonwealth by setting a fair minimum wage and establishing other policies that improve working conditions and help ensure that everyone who works for a living can afford to pay for life's basic necessities.

As part of our efforts to grow the economy, our state spends close to a billion dollars a year on special business tax breaks. We have no process, however, for systematically assessing this type of economic development spending against our goals. Special business tax breaks apply to specific industries or reward specific activities. In many cases there is no evidence that they are a cost effective way to achieve legitimate public purposes. Yet these tax breaks live on from year to year, partly because - unlike items in the state budget - they are not subject to regular scrutiny through the annual budget process.

Our new factsheet, The Massachusetts Film Tax Credit, describes one of the state's most generous tax breaks. This program provides movie producers with a tax credit of 25% of the cost of making a movie in Massachusetts, meaning that if a company spends $20 million shooting a movie here, it receives a tax credit of $5 million. If a movie star is paid $10 million, the state reimburses $2.5 million of that cost through our tax code - even though most of that $10 million in salary will likely leave the state economy and be spent where the star lives.

Studies by the state's Department of Revenue have detailed the results of providing film tax credits:

  • The economic activity generated by film tax credits between 2006 and 2012 led to $55.1 million in tax revenue for the state. But that is substantially less than the $411 million cost of credits the state issued in those years.
  • Almost two thirds of the wages paid in connection with the film tax credits went to people who are not Massachusetts residents - including large salaries to movie stars from other states.
  • The cost per Massachusetts job created was about $119,000 a year.

To read the report, please click HERE.

MassBudget chart on film tax credit  


The Massachusetts Budget and Policy Center (MassBudget) produces policy research, analysis, and data-driven recommendations focused on improving the lives of low- and middle-income children and adults, strengthening our state's economy, and enhancing the quality of life in Massachusetts.

MASSACHUSETTS BUDGET AND POLICY CENTER
15 COURT SQUARE, SUITE 700
BOSTON, MA 02108
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Massachusetts Budget and Policy Center | 15 Court Square | Suite 700 | Boston | MA | 02108

Thursday, March 26, 2015

MassBudget: Massachusetts's Earned Income Tax Credit



  MASSBudget     


Massachusetts's Earned Income Tax Credit  
 

The Earned Income Tax Credit (EITC) improves the economic security of working families by increasing the after tax incomes of low and moderate wage workers. Massachusetts's Earned Income Tax Credit explains how the tax credit works, describes how many families and individuals it helps in Massachusetts, and examines the long-term effects of the EITC on families and children.

To read the factsheet, please click HERE.

Recent research has linked EITC increases to a number of positive outcomes:
  • Improved college attendance and graduation rates and better test scores, particularly in math.
  • More work and higher earnings as adults for children raised in these low income families.
  • Reductions in the early onset of disabilities and illnesses that often afflict poor children.
Over 400,000 working people in Massachusetts benefit from the state EITC. Most of them are supporting families. Increasing the state EITC helps those working people make ends meet and pay for basic necessities. The increased income can also make it more likely that their children will be able to reach their full potential. When low income working people have more purchasing power, and their children can grow up to contribute their full potential to our economy, that is good for all of us.

Below is an infographic detailing the lifelong effects of the EITC, produced by the Center on Budget and Policy Priorities. MassBudget is affiliated with CBPP as a member of the State Priorities Partnership.




The Massachusetts Budget and Policy Center (MassBudget) produces policy research, analysis, and data-driven recommendations focused on improving the lives of low- and middle-income children and adults, strengthening our state's economy, and enhancing the quality of life in Massachusetts.

MASSACHUSETTS BUDGET AND POLICY CENTER
15 COURT SQUARE, SUITE 700
BOSTON, MA 02108
TwitterFacebook


Massachusetts Budget and Policy Center | 15 Court Square | Suite 700 | Boston | MA | 02108

Tuesday, June 5, 2012

State releases first Tax Credit Transparency Report identifying recipients o...

Sent to you by Steve Sherlock via Google Reader:

via Commonwealth Conversations: Revenue by Robert Bliss on 6/4/12

The Executive Office for Administration and Finance today released the first-ever Massachusetts Tax Credit Transparency Report compiled by the Department of Revenue based on reports received from the various state agencies that administer thirteen tax credits.

The reporting requirement was proposed by Gov. Deval Patrick and enacted by the Legislature in the FY11 budget. The report identifies receipients of the credits and the amount either received or awarded in calendar 2011.

"The Patrick-Murray Administration continues to build on its record of making government spending more transparent to the public with today's publication of the Tax Credit Report," said A&F Secretary Jay Gonzalez.

"This release, along with other transparency initiatives like the recent launch of 'Open Checkbook' on the state's website gives taxpayers access to information they need and deserve to understand how government funds are being spent and to hold those of us in government accountable for the management of their tax dollars," Gonzalez said.

The credits reported on are the Film Tax Credit, Historic Rehabilitation Tax Credit, Low-Income Housing Tax Credit, Brownfields Tax Credit, Medical Device Company Tax Credit, Dairy Farmer Tax Credit, Life Sciences Tax Incentive Program (with its Investment, Research, User Fee  and Jobs Tax Credits), Economic Development Incentive Program Credit, Certified Housing Development Tax Credit, and Conservation Land Tax Credit. 

Things you can do from here:

Saturday, December 3, 2011

DOR warns of Senior Circuit Breaker Tax Credit scam

Sent to you by Steve Sherlock via Google Reader:

via Commonwealth Conversations: Revenue by Robert Bliss on 12/2/11

The Department of Revenue today released a statement from Taxpayer Advocate Dennis Buckley warning the public, tax preparers, and those who assist seniors in preparing tax returns of a scam that surfaced last year involving the popular Senior Circuit Breaker Tax Credit.

"The Senior Circuit Breaker Tax Credit last year helped nearly 80,000 state residents receive a refundable tax credit. Unfortunately, several unscrupulous tax preparers coaxed elderly public housing residents to fraudulently apply for the credit (residents of public housing are ineligible for the credit).

"The preparers who participated in this scam asked for a payment to submit the fraudulent application, and some seniors received the credit without actually qualifying for it. The Department of Revenue has notified those senior residents that the refund was obtained fraudulently and must be paid back.
"We ask you to share knowledge of this scam with your colleagues. Seniors are not eligible for the Senior Circuit Breaker Tax Credit if they live in public or subsidized housing," Buckley wrote.
The Senior Circuit Breaker will deliver a maximum tax credit of $980 in tax year 2011.

Things you can do from here: