Join us for the BIMA's thought leadership panel around AI in the advertising industry and gain insights from Noor Naseer.
09/26/2023
5:30pm - 7:30pm
Hill Holliday
Corean Reynold was recently appointed the Director of Nightlife Economy for the City of Boston, where she brings a wealth of experience and a passion for fostering an equitable and thriving nightlife ecosystem.
10/04/2023
6:00pm - 7:30pm
Roundhead Brewing Company
Don’t miss our upcoming Government Affairs Forum with Massachusetts State Treasurer Deborah B. Goldberg. Register now!
10/11/2023
9:45am - 11:00am
Bank of America
Designed for mid-level managers and supervisors, this new certificate program addresses workplace well-being through unique, innovative, and actionable methods.
Join our Transformational DEI Certificate! Our comprehensive learning & development offerings are designed to connect and grow strong leaders who lead both inside and out of the office.
Our Women’s Leadership Program enables you to take your leadership to the next level by arming you with the most in-demand leadership toolkit.
Our Boston’s Future Leaders (BFL) program provides emerging leaders with a socially conscious and civically engaged leadership toolkit, as well as the opportunity to apply their knowledge through experiential assignments.
Our Economic Inclusion Committee provides strategic support around research, policies, and programs that are focused on building equal opportunity.
We are developing an ecosystem of corporations and partners with the influence and buying power to transform economic inclusion for minority business enterprises (MBEs).
The Fierce Urgency of Now Festival brings Boston’s diverse young professionals together with business leaders, organizations and their peers to build connection, advance careers and ignite positive change.
09/12/2023 -
09/16/2023
Greater Boston
City Awake empowers young professionals in a variety of ways that encourages these rising leaders to stay invested in the region’s future success.
BIMA (the Boston Interactive Media Association) serves a vibrant community of like-minded professionals from agencies, brands, publishers, and ad-tech companies with business interests in the New England market.
For nearly 30 years, the Chamber’s Women’s Network has connected female professionals of all background and career levels. Today, our Women’s Network is the largest in New England, strengthening the professional networks of women each year.
The Massachusetts Apprentice Network convenes employers, training providers, and talent sources interested in developing and implementing apprenticeship programs in occupations across industries and statewide in fields such as tech, advanced manufacturing, healthcare, financial services, and more.
We support small business through public policy initiatives, events designed to connect small businesses in Greater Boston to their peers and established business leaders, professional development offerings, and free small business advising.
Explore our mission and values to better understand how we are leading the business community forward.
Our member directory is your resource to discover, connect, and engage with Boston’s businesses from every industry and sector.
The Chamber supports the quick adoption of SD 172, An Act providing financial relief to small businesses during the COVID-19 pandemic. This legislation would ensure the state does not tax businesses with particular legal structures for the forgiven loans they received through the federal Paycheck Protection Program (PPP). Under this legislation such entities, many of which are small businesses, would be permitted to deduct the forgiven loan amounts from their gross income, ensuring they receive the same tax treatment as corporate income taxpayers and that the state does not undermine the aim of the PPP.
Read the entire letter that was submitted on January 21, 2021.
There is a provision in the CARES Act that exempts forgiven PPP loans from federal income tax, so the root of the issue is the state’s conformity with the federal tax code, meaning how it aligns with definitions, income calculations, deductions, and other aspects of the federal code.
The state conforms to the federal personal income tax code that was in effect as of January 1, 2005, so the state’s personal income tax rules do not automatically update along with federal changes. Instead, the Legislature must act to adopt any changes. As a result, the CARES Act provision that exempts forgiven PPP loans from federal tax does not apply to business entities in Massachusetts that pay the state’s personal income tax, including self-employed individuals, sole proprietors, and pass-through entities. It does, however, exempt the loan proceeds from state tax for businesses paying the state’s corporate income tax because Massachusetts uses rolling conformity – or real-time updating – for corporate taxes.
According to data from the Small Business Administration, there are thousands of businesses in Massachusetts that took PPP loans and are structured in a way that, if their loans are forgiven, they will be required to pay state income tax on the loan amount. It is clearly not the intent of the program to have these loans taxed because Congress took two rare steps regarding PPP: forgiving loans if payroll and headcount are maintained and exempting forgiven loans from federal income tax. These steps were taken because the purpose of the program is to maintain jobs and business activity. By subjecting the forgiven loans to tax, the state would undercut those goals.
The Chamber acknowledges that the COVID-19 pandemic and economic shutdown put Massachusetts in a difficult and uncertain fiscal position that requires budget writers to balance the need for tax revenue with taxpayer relief. However, the survival of small businesses is equally, if not more, important. The state can provide much needed relief for small businesses by following the intent of the CARES Act and not taxing the forgivable loans, keeping many businesses afloat.
Download the Letter
Download
Carolyn Ryan
Senior Vice President, Policy & Research
[email protected]617-557-7310
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