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ARTICLE · 02 SEPTEMBER 2024

Massachusetts FY 2025 Budget: Tax Amnesty Program, IRC Conformity, And Joint Filing Changes

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Massachusetts's Fiscal Year 2025 Budget was signed into law by Governor Healey and Lieutenant Governor Driscoll on July 29, 2024.

United StatesTax
Joseph Feehan
Joseph Feehan

Massachusetts's Fiscal Year 2025 Budget was signed into law by Governor Healey and Lieutenant Governor Driscoll on July 29, 2024. This budget represents an increase of $1.8 billion, or 3.5%, from last year's spending, totaling $58 billion. There are several notable tax provisions.

Tax Amnesty Program

The budget included a tax amnesty program. There will be a two-month window for individuals and corporations to file past-due tax returns, expiring no later than June 30, 2025. Tax Amnesty Programs seek to incentivize taxpayers to come into compliance with their tax obligations by offering relief from penalties and limited look-back periods. The Commissioner of the Department of Revenue will determine the specifics of this Tax Amnesty, including the eligibility period. The program is available to taxpayers who failed to file required returns for tax periods on or before December 31, 2024.

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