Sen. Sal DiDomenico and his colleagues in the Massachusetts State Senate convened for the first-ever remote session in the history of the body to pass legislation to allow short-term borrowing to meet the Commonwealth’s financial obligations.
“My colleagues in the Senate and I have been working tirelessly to address the many challenges our Commonwealth during the COVID emergency, and this critical borrowing bill will be instrumental in helping us meet our immediate needs and near-term financial obligations during this crisis,” said Sen. DiDomenico. “Thank you to Senate President Karen Spilka and Senate Ways and Means Chairman Michael Rodrigues for their leadership on this bipartisan legislation, and their efforts to ensure the critical work of our Senate body is able to continue so we can3 address this evolving crisis.”
The legislation, An Act to Facilitate the Delay of the Income Tax Filing Deadline, complements legislative action taken in early April to extend the income tax filing deadline to July 15, 2020, which provided flexibility to residents and families across the state amid the COVID-19 State of Emergency. The extension mirrors actions taken on the federal level.
To ensure budgetary stability, the bill allows the treasurer to borrow during Fiscal Year 2020 to meet financial obligations that would normally be fulfilled through income tax filings.
The bill now awaits Governor Baker’s approval.