Massachusetts Senate May Eliminate Taxes on Canceled PPP Loans Soon, Climate Bill Advances Again
State Senators have announced that they will soon pass a bill that would save small businesses $ 130 million in taxes owed on canceled Paycheck Protection Program loans and, for the fourth time this year passed a radical climate bill.
“It is urgent that we can respond to it and I hope we do so on an expedited basis,” Senate Minority Leader Bruce Tarr said of the bill that would remove taxes on some P3 loans. Many companies were forced to seek extensions when the two branches failed to pass the legislation before the deadline for filing first quarter tax returns on Monday.
Last Thursday, the House unanimously introduced a bill it will also freeze unemployment rates at two years, give tax breaks to some unemployed workers and extend paid time off amid the coronavirus pandemic.
Senators have until 5 p.m. Tuesday to present amendments. A vote is expected later in the week.
Senators also overwhelmingly voted to re-enact a set of sweeping climate reforms aimed at achieving net zero carbon emissions by 2050, accepting a majority of a set of amendments proposed by Gov. Charlie Baker but by rejecting two that sought to weaken the intent of the bill. .
The Senate rejected Baker’s amendment which sought to lower the requirement that emissions should be reduced to at least 50% of 1990 levels and replacing it was a target of reducing emissions from 45% to 50% of by 2030.
He also dropped an amendment that would have removed a proposed new municipal building code from the law that promotes “net-zero” construction, although senators agreed to some adjustments to the provision.
The bill passed 39-1 with Senator Ryan Fattman, R-Sutton casting the only dissent vote on Monday. The House could pass the bill as early as Thursday.
The Senate first attempted to move the bill forward last week, but Tarr, R-Gloucester, started a discussion saying Senators needed more time to digest the bill which was released less a day before Democratic leaders called for a floor vote.
“Global warming is generating large-scale spectacles – fires in California, flooding in the Midwest, infrastructure freezes in Texas – but this particular legislation is not about mega-events. It’s about managing… our day-to-day climate affairs right here at home, ”said Senator Michael Barrett, D-Lexington, one of the bill’s key negotiators.
Herald Wire Services contributed to this report.