On July 3, 2008, Governor Patrick signed a corporate tax bill that couples changes in tax policy with a corporate tax rate cut.
Despite unified support among state government leaders to advance such a package, agreement on how these policy changes and rate cuts would be crafted was far from certain. Several key provisions advocated by the Chamber have been included in the final package - including a clear definition of policy changes and phased-in corporate tax relief that, when fully implemented, will move this package closer to revenue-neutrality.
It is true that changes in long-standing corporate tax policies have an impact on economic competitiveness - both in perception and reality. However, the impact of such tax code changes can be mitigated when crafted in a clear, transparent, and discretion-limiting manner, while providing much-needed tax rate relief to businesses currently paying some of the highest rates in the nation. A quick summary of the bill is included below.
Tax Rate Cuts - Lowers the current rate for C-corporations of 9.5% (fourth-highest in the nation) to 8.75% in 2010, and makes further reductions to 8.0% by 2012. The bill also cuts the rate paid by financial services institutions from 10.5% to 9.0% during that same timeframe and provides similar phased-in rate relief to S-corporations. None of these tax cuts would be predicated on economic triggers, as had previously been considered by the legislature.
Policy Changes - Implements mandatory unitary combined reporting with a water's-edge election and the following provisions: adoption of a 10-year binding federal consolidated return election; inclusion of Federal Accounting Standards (FAS) 109 relief - a deduction designed to mitigate the financial reporting impact on net deferred tax liabilities or assets; and sharing of credits and net operating losses within a combined group. The bill also establishes conformity to federal "check-the-box" provisions for entity classification. The bill includes strict limitations on Dept. of Revenue discretionary powers in administering changes to the corporate tax code.
Studies - Establishes special municipal relief commission to study options for new and expanded local taxes, directs the Dept. of Revenue to prepare a feasibility study regarding conformity to the Streamlined Sales and Use Tax Agreement, and establishes a special legislative commission to further review state corporate tax laws (modernization and simplification of the current business tax laws, including the rate structure; reporting mechanisms of corporations; and the use and effectiveness of the single-sales factor apportionment formula).
The Chamber will continue to monitor this legislation as it is implemented.
The Chamber has just confirmed the date of the 100th 
Yesterday, syndicated radio host and media entrepreneur, Mel
Robbins addressed the Greater Boston Chamber Women's Network. In her speech,
Mel discussed what she calls the Momentum Factor; using principles of Momentum
to get over yourself and get things done.
Last week, State Treasurer Timothy Cahill addressed the Chamber's Government Affairs Forum.
Ealier this week, the Chamber hosted a Women’s Network Breakfast program on women’s entrepreneurship. 
