#2023-25, October 13, 2023

Massachusetts Bankers Association Supports Financial Literacy Bills

The Association was pleased to submit testimony in support of three pieces of legislation that would further enhance and encourage the implementation of financial literacy and personal finance curriculum in Massachusetts public schools. The bills were heard before the Joint Committee on Education on Wednesday.

The Association and Member banks across the Commonwealth have been at the forefront providing financial education services to various audiences, including students, for many years, and understand the importance of providing such education, especially at an early age. While these programs offer significant value to those who partake, students are not required to take financial literacy and personal finance classes. Compared to other states around the country, at least twenty-one states require a financial literacy class to graduate from high school and at least forty states require financial literacy standards for grades 9-12 – Massachusetts requires neither.

We believe Massachusetts should join that growing list and incorporate financial literacy curriculum into K-12 education. We look forward to working with the bills’ sponsors and the Massachusetts Legislature to implement financial literacy and personal finance curriculum in Massachusetts public schools. To read our testimony, click here.

We will update you on all progress going forward.

Massachusetts Department of Revenue FAQs on 4% Surtax on Income over $1Million

This week the MA DOR released a series of FAQs related to the treatment of the 4% surtax on income over $1 million.

For more information, click here.

Massachusetts House of Representatives Pass Wage Transparency Bill

Last week, the MA House of Representatives passed a salary range transparency bill by a 148 - 8 vote. The bill has been sent to the Senate where it will be deliberated.

The proposed legislation:

1. mandates that covered employers and their agents disclose pay range for a particular position on posting or advertisement of that position and when asked by applicant or current employee;
2. orders employers to disclose pay range for promotion or transfer when offering new position to employee;
3. lists penalties for employers violating this section; and
4. directs the Attorney General to enforce and make a public awareness campaign to inform employers of this new policy.

To read the bill’s text, click here.

GBH News’ Katie Lannan has more on the wage transparency bill, which can be found here.

If you have any comments or feedback on the bill, please feel free to share with us as soon as you can.

We will keep you posted on all developments.

$1 Billion Tax Relief Package Information

Governor Maura Healey recently signed the $1 billion tax relief bill into law, which aims at offering relief to Bay Staters. Among the tax changes include provisions to:

1. Eliminate the estate tax for estates under $2 million as well as its so-called “cliff effect”
2. Establish single sales factor apportionment based solely on receipts
3. Reduce short term capital gains rate to 8.5%
4. Double the senior tax credit who own or rent to $2,400.

For more information, click on the links below:

• Bill H. 4104: An Act to Improve the Commonwealth’s Competitiveness, Affordability, and Equity. The text of the estate tax amendments can be found at the bottom of page 24 of the PDF document.
• Governor Healey Signs First Tax Cuts in More Than 20 Years | Mass.gov
• The Massachusetts Taxpayers Foundation has a summary of the legislation, which can be found here.
• The Boston Globe’s Samantha Gross has more on tax package and its impact, which can be found here.

Election Day is Tuesday, November 7, 2023

With about 4 weeks until Election Day, many municipalities are gearing up for a busy election season. You know better than most the vital role that municipal government plays in our daily lives and how important it is to vote in local elections.

For your convenience, find pertinent election information in the links below:

• Register to Vote
• Upcoming Elections – Primary and General Election Day Dates and Information
• Find Your Polling Place
• Vote-by-Mail Information
  • To track your mail-in ballot: Track Your Ballot

For more 2023 Election information and resources, click here.