October 22nd - Tax Expenditure Budget Training with Prof. Peter Enrich
As an active member of the Massachusetts community, you know that the public structures that we all rely on - from clean water and safe roads to effective judicial and educational systems - are built, maintained, and repaired using the revenues our state collects through fees and taxes.
You also know that most state tax codes incorporate a number of exemptions, deductions, credits, and deferrals designed to encourage certain taxpayer activities or to limit the tax on certain types of individuals or endeavors. Known as "tax expenditures," these provisions can have a significant impact on state tax revenues.
But did you know that you can see exactly what our state's tax expenditures are?
The Fiscal Year 2009 Tax Expenditure Budget Summary provides a detailed list of all the exemptions, exclusions, deductions of the personal income tax, corporate excise tax, and sales tax in Massachusetts. The total value of exempted, excluded, and deducted revenues within the Tax Expenditure (or "Loophole") Budget is $20.62
Billion.
And do you know what our options are for reviewing and adjusting those expenditures?
Peter Enrich, Law Professor at Northeastern University and former general counsel to the Massachusetts Executive Office for Administration and Finance has been testifying before the Revenue sub-committee on Tax Expenditures, and for this special Insider Budget Briefing, he will guide us through a close look at our Tax Expenditure Budget, and what it means for our state's current and future
fiscal health.
Join us Thursday, October 22nd at 5:00pm in the 9th Floor Conference Room at 30 Winter Street [Map]. Tuition
for this event is $10, and covers a light supper and take-home
materials. The fee may be waived upon request for those unable to pay. Please contact Carmen Arce-Bowen at (617) 275-2833 or carmen@realclout.org to RSVP for this event, or with any questions!
In the meantime, please check out our website for more information on the Tax Expenditure Budget - including details on the potential effects of adjusting the largest ($6B!) segment - Sales Tax on Professional Services.