CAI Legislative Action Committee involved in passage of legislation restoring tax status for condominiums

On November 19th, the Massachusetts House and Senate passed legislation that includes provisions restoring the tax status for most residential condominiums to their status prior to 2008 changes. In July 2008, the legislature passed a bill containing major corporate tax reforms and with these changes condominiums would have been subject to a minimum corporate tax of $456, along with an increased rate on taxable income and a new tax on net worth. However, the legislation passed on November 19th restores the tax status for most residential condominiums to the pre-2008 changes. The MALAC including committee chair Thomas Moriarty, Esq. and member Matthew Gaines, Esq. along with CAI member Kenneth Bloom, CPA worked with legislative leaders and officials from the Department of Revenue to explain the unintended consequences the changes to the state tax law would have on condominiums if action were not immediately taken to reverse the 2008 changes. Fortunately these efforts prevailed and as a result the tax status for most residential condominiums will be restored. We would like to thank senator Benjamin Downing (D-Pittsfield) the senate chair of the Joint Revenue Committee, for his efforts to ensuring the passage of these provisions.