{"id":1485,"date":"2021-07-22T12:17:25","date_gmt":"2021-07-22T16:17:25","guid":{"rendered":"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/?p=1485"},"modified":"2022-08-10T15:41:40","modified_gmt":"2022-08-10T19:41:40","slug":"massachusetts-enacts-work-around-to-federal-10000-salt-deduction-limitation","status":"publish","type":"post","link":"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/2021\/07\/22\/massachusetts-enacts-work-around-to-federal-10000-salt-deduction-limitation\/","title":{"rendered":"Massachusetts Enacts Work Around to Federal $10,000 SALT Deduction Limitation"},"content":{"rendered":"

On July 16, 2021, Governor Baker enacted legislation<\/a> that allows (a) individual, trust and estate taxpayers who are partners in partnerships (or limited liability companies taxed as partnerships) and (b) individual, trust and estate taxpayers who are shareholders in subchapter S corporations to avoid the $10,000 limitation on the federal income tax deduction for state and local income taxes (\u201cSALT\u201d) for income from such business entities.\u00a0 Investors in partnerships or S corporations that make the election described below will face a slight increase in Massachusetts income tax, however, on their associated business income.<\/p>\n

The Massachusetts House and Senate included the above legislative change in their Fiscal Year 2022 budget (H. 4002) passed on July 9, 2021.\u00a0 Section 39 of the new law adds new Chapter 63D to the Massachusetts General Laws (\u201cTaxation of Pass-Through Entities\u201d) which allows S corporations and partnerships to elect to pay an excise tax on qualified income taxable in Massachusetts at a rate of 5% (the Massachusetts individual income tax rate).\u00a0 This excise tax adds to a partner\u2019s\/shareholder\u2019s current Massachusetts income tax on income from partnerships and S corporations.\u00a0 However, the new law provides individual, trust and estate partners\/ subchapter S shareholders with a refundable credit equal to 90% of the partner\u2019s\/shareholder\u2019s share of the new excise tax.<\/p>\n

What does this law mean for an individual, trust or estate taxpayer\u2019s total income tax burden?\u00a0 Let us take the following assumptions:<\/p>\n\n\n\n<\/colgroup>\n\n\n\n\n\n
\u00a0Massachusetts Income Tax Rate<\/td>\n\u00a05%<\/td>\n<\/tr>\n
\u00a0Federal Marginal Tax Rate<\/td>\n\u00a037%<\/td>\n<\/tr>\n
\u00a0Massachusetts Excise Tax Rate<\/td>\n\u00a05%<\/td>\n<\/tr>\n
\u00a0Refundable Credit<\/td>\n\u00a090%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Below is a comparison of income tax consequences for investors in partnerships or S corporations that do not adopt the excise tax vs. those that do:<\/p>\n\n\n\n\n<\/colgroup>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\nNo Excise Tax<\/td>\nElect Excise Tax<\/td>\n<\/tr>\n
\u00a0Partner’s Share of Income<\/td>\n\u00a0$\u00a0 \u00a0 \u00a0 \u00a0 \u00a01,000,000<\/td>\n\u00a0$\u00a0 \u00a0 \u00a0 \u00a0 \u00a01,000,000<\/td>\n<\/tr>\n
\u00a0Massachusetts Income Tax on Partner’s Share<\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 50,000<\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 50,000<\/td>\n<\/tr>\n
\u00a0Massachusetts Excise Tax<\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0–<\/strong><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 50,000<\/td>\n<\/tr>\n
\u00a0Refundable Credit for Massachusetts Excise Tax<\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0–<\/strong>\u00a0 \u00a0\u00a0<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 45,000<\/span><\/td>\n<\/tr>\n
\u00a0Total Massachusetts Income Taxes<\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 50,000<\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 55,000<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\u00a0Federal Deduction for State and Local Taxes on Partner’s Share<\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 10,000<\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 10,000<\/td>\n<\/tr>\n
\u00a0Federal Deduction for Massachusetts Excise Tax<\/td>\n<\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 50,000<\/td>\n<\/tr>\n
\u00a0Federal Income (Net of State and Local Taxes)<\/td>\n\u00a0$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 990,000<\/td>\n\u00a0$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 940,000<\/td>\n<\/tr>\n
\u00a0Federal Income Taxes<\/td>\n\u00a0$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 366,300<\/td>\n\u00a0$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 347,800<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\u00a0Total Massachusetts and Federal Income Taxes<\/td>\n\u00a0$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0416,300<\/td>\n\u00a0$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 402,800<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

With the facts above, the Massachusetts law reduces an individual\u2019s federal income taxes on allocable partnership or Subchapter S corporation income by $18,500 but increases the taxpayer\u2019s Massachusetts income taxes by $5,000.\u00a0 The net is an overall tax decrease for partners and subchapter S shareholders of $13,500.<\/p>\n

The Treasury Department sanctioned such state law workarounds to the federal SALT deduction limitation in Notice 2020-75<\/a> issued on November 9, 2020 .\u00a0 In the Notice, the Treasury clarified that such excise taxes will be treated as \u201cSpecified Income Tax Payments\u201d that are deductible for federal income tax purposes by partnerships and S corporations.\u00a0 The Treasury concluded such excise taxes will not be taken into account in applying the SALT deduction limitation, even if partners or shareholders receive a state tax credit\/refund for such excise taxes.<\/p>\n

The Notice cites legislative history in support of its position.\u00a0 It states, when Congress passed legislation limiting the deduction for state and local taxes, Congress provided that \u201ctaxes imposed at the entity level, such as a business tax imposed on pass-through entities, that are reflected in a partner\u2019s or S corporation shareholder\u2019s distributive or pro-rata share of income or loss on a Schedule K-1 (or similar form) will continue to reduce such partner\u2019s or shareholder\u2019s distributive or pro-rata share of income as under present law.\u201d (Notice 2020-75 at 4, citing H.R. Rep. No. 115-466, at 260 n. 172 (2017)).<\/p>\n

With the Treasury\u2019s adoption of the above position, many other states have enacted similar workarounds to the Federal SALT deduction limitation for partnerships and subchapter S corporations.\u00a0 Talk with your tax adviser to discuss whether it makes sense for your partnership or Subchapter S corporation to elect the imposition of the new Massachusetts excise tax.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

On July 16, 2021, Governor Baker enacted legislation that allows (a) individual, trust and estate taxpayers who are partners in partnerships (or limited liability companies taxed as partnerships) and (b) individual, trust and estate taxpayers who are shareholders in subchapter S corporations to avoid the $10,000 limitation on the federal…<\/p>\n","protected":false},"author":1,"featured_media":1266,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_links_to":"","_links_to_target":""},"categories":[10],"tags":[197,78],"class_list":["post-1485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxes","tag-salt","tag-tax-deduction"],"acf":[],"yoast_head":"\nMassachusetts Enacts Work Around 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