Massachusetts Governor signs fiscal year 2012 budget bill

Enacted Massachusetts legislation postpones for one year the commencement of the ASC 740/FAS 109 deduction related to the 2008 enactment of combined reporting, reduces the rate of interest that may be imposed on tax assessments attributable to certain audits that take longer than 18 months to complete, and revises certain statute of limitation provisions related to tax assessments and abatements, among other changes. The provisions of the budget bill took effect on July 1, 2011, unless otherwise specified. [H. 3581, signed 7/11/11]

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