Massachusetts DOR Issues Information on Tax Implications of Federal Consolidated Appropriations, American Rescue Plan Acts

The Massachusetts Department of Revenue Jan. 12 issued a technical information release (TIR) on the impact of the American Rescue Plan Act of 2021 and the Consolidated Appropriations Act, 2021 on state individual income and corporate income taxes. The TIR includes information on: 1) the earned income tax credit, retirement plans, medical expense deduction floor, child credit advance payments, and additional recovery rebates for individuals; 2) the exclusion of unemployment compensation, student loan forgiveness, and employer-provided dependent care assistance from gross income amounts; 3) deductions for qualified disaster-related personal casualty losses and tuition expenses, 4) Paycheck Protection Program loan forgiveness, ...