The Capitol Account August 2014 | Page 7

Regulatory Recap State and Federal Regulatory Update STAY TUNED Final Market-Based Sourcing Regs Pending: Last year’s transportation financing legislation included provisions to implement market-based sourcing for the apportionment of receipts from the sale of intangibles. Mike Fatale, the Department of Revenue’s Chief of the Rulings and Regulations Bureau, joined MSCPA members for a walk-through of the draft regulation in late April. The DOR is expected to finalize the regulation in mid-September. The Society will actively participate as the regulation moves forward. Community Investment Tax Credit Rule Released: The Department released the final community investment tax credit regulation. This regulation explains the calculation of the community investment tax credit allowed for cash contributions to certain community partners or community partnership funds made on or after January 1, 2014. The credit is due to sunset on December 31, 2019. Learn More STAY TUNED Board of Public Accountancy to Revise Regulations: The Massachusetts Board of Public Accountancy has begun a formal regulatory amendment process to review each of the Board’s regulations. The Society submitted testimony in support of changes to allow for non-CPA leadership, comments regarding the short form reciprocal application for out-of-state applicants, and amendments to bring the peer review sections into compliance with the Uniform Accountancy Act (a copy of the testimony can be found here). The MSCPA will continue to engage with the Board as they move forward with the process. We encourage you to share with us your ideas for improving the current regulations. Chapter 2 Trivia: Just last week, Governor Patrick signed legislation to name volleyball as the official “recreation and team sport” of the Commonwealth. Volleyball, like basketball, was invented in Massachusetts. The Volleyball Hall of Fame welcome inductees from around the world each year to its facility in Holyoke, just 10 miles north of Springfield (home of the Basketball Hall of Fame). Did you know there are 60 similar designations? They include: • The official cookie (chocolate chip); • The official beverage (cranberry juice); and • The official dog (the Boston terrier). Read More Committees Consider joining the State or Federal Taxation Committee to take an active role in the Society’s policy and regulatory decisions, a critical component of our advocacy efforts. Sign up today! For more information, please contact Zach Donah, Government Relations Specialist, at [email protected] or 617.303.2411. 6