House and Senate leadership is facing increased pressure from a growing number of voices, including NFIB members, to reconvene and consider the $4 billion economic development bill that stalled on the final night of session last month. The bill also includes nearly $1 billion in tax relief.
This legislative package is important to small businesses because it includes long overdue estate tax reform. The bill sought to increase the estate tax exemption from $1 million to $2 million and eliminate the fiscal cliff (ensuring the tax only applied to amounts over $2 million). The economic development legislation also included funds to cover the cost of waived unemployment insurance overpayments so ensure the expense did not fall on the shoulders of Massachusetts employers.
House and Senate leadership is expected to soon decide on how to proceed with this stalled legislation. NFIB will continue to keep small business owners posted on the status of this important bill.
NFIB’s Massachusetts state director Christopher Carlozzi spoke with Bloomberg’s Baystate Business radio program about returning to session last week.