![]() ![]() ![]() Code § 461(l): Limitation on excess business losses of noncorporate taxpayers (for tax years 2021 through 2026).Code § 274(a)(4): Limitation on deduction by employers of expenses for fringe benefits.Code § 220: Archer Medical Savings Accounts.Code § 152: Modification of definition of “dependent”.Code § 139B: Exclusion from gross income of benefits provided to members of certain volunteer emergency response organizations interplay with charitable deduction.Code § 137: Employer-provided adoption assistance.Code § 132(n): Department of Defense Homeowners Assistance Plan. ![]() Code §§ 132(g) and 217: M oving expense deduction and e xclusion from gross income of qualified moving expense reimbursement.Code § 132(f): Exclusion from gross income of employer-provided transportation fringe benefits.Code §§ 127(c)(1) and 221(e): Exclusion from gross income of certain employer payments of student loans.Code § 108(a)(1)(E): Exclusion from gross income of discharged qualified principal residence indebtedness.Code § 83(i): Property transferred in connection with performance of services – treatment of qualified equity grants.Code § 62(a)(2)(D): Educator’s expense deduction.Code §§ 61(a)(8) and 62(a)(10): Repeal of inclusion of alimony received as gross income and repeal of deduction for alimony payments.The provisions addressed in this draft are as follows: This TIR explains in more detail the impact of the Code Update on Massachusetts conformity with respect to some of the provisions identified in TIR 23-1. In TIR 23-1, the Department of Revenue (“DOR”) identified numerous Code provisions enacted or amended since 2005 to which chapter 62 conforms. Similarly, where chapter 62 specifically decouples from the Code, the Code Update has no impact. These provisions are not affected by the Code Update. Note that, under both current and prior law, chapter 62 adopts certain provisions of the Code as amended and in effect for the current taxable year (i.e., the year for which the personal income tax is being computed). As a result of the Code Update, for tax years beginning on or after January 1, 2022, chapter 62 conforms to many federal tax law changes that have been enacted since 2005. Prior to the Code Update, chapter 62 generally conformed to the definitions, deductions and exemptions as set forth in the Code as amended on Januand in effect for the taxable year (the “2005 Code”). Similarly, many of the deductions and exemptions allowed to offset Massachusetts gross income are determined by reference to the Code. Massachusetts gross income as defined in chapter 62 is based on the definition of federal gross income under the Code. Ĭhapter 62 conforms to many of the definitions set out in the Code. This legislation was enacted as part of the Massachusetts Fiscal Year 2023 Budget. chapter 62 (the “Code Update”) to the Internal Revenue Code (“Code”) as amended on Januand in effect for the taxable year (the “2022 Code”). This Technical Information Release (“TIR”) explains certain significant implications of recent legislation conforming M.G.L. ![]()
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