Chamber’s Economic Development Affiliate Closes Out Successful Year

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The Chamber’s economic development arm, the North Central Massachusetts Development Corporation (NCMDC), completed its fiscal year on September 30, 2022. The NCMDC works in partnership with local banks, credit unions, chambers of commerce and area nonprofits to support emerging microenterprises, small businesses, and community projects in North Central Massachusetts with loans and technical assistance. The NCMDC provided a total of 31 micro-loans for a total of $1,680,500. Of note, 74% of these loans were granted to historically underserved communities of minority, women or low income owned businesses. The loans ranged from $7,500 to $206,000. Our loans helped to leverage another $2,286,138 in bank financing and owner capital and resulted in the retention/creation of 174 jobs.

In addition to the loans, our economic development team also provided 1,162 hours of direct technical assistance and counseling to small businesses over the year. We also provided an additional 10 micro-grants, for a total $44,219.64, to support technical assistance needs of local small businesses. The average micro-grant awarded was $4,422.

Since the microloan program was established in the 1990s, the NCMDC has provided a cumulative total of 341 microloans totaling $11,642,617 which have helped create 620 jobs and retain another 846 jobs. The numbers do not include any fixed asset loans (SBA 504 loans) made during the early history of the NCMDC. When factoring in these loans, the NCMDC has made over $24 million in loans.

The NCMDC is certified by the U.S. Department of the Treasury under the Community Development Financial Institution (CDFI) program and is a micro-loan intermediary for the U.S. Small Business Administration.

 

Chamber of Commerce | North Central Massachusetts | North Central Massachusetts Chamber of Commerce | North Central Massachusetts Development Corporation (NCMDC)

North Central Massachusetts Development Corporation provides $10,000 grant to City of Fitchburg

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Grant supports pop-up shop approach for artisans, crafters, entrepreneurs to share their work with the community

The North Central Massachusetts Development Corporation (NCMDC), the economic development arm of the North Central Massachusetts Chamber of Commerce, today announced it provided a grant of $10,000 to the City of Fitchburg for the development of pop-up shops to provide temporary space for local artisans, crafters and entrepreneurs to sell their products to the community.

InTown Fitchburg has been working in collaboration with the City of Fitchburg to identify multiple areas feasible for pop-up businesses, which are planned to begin in December 2022. Identified locations for the pop-up shops include vacant storefronts in the downtown area which have the potential to generate much needed economic activity for the properties and interest in the storefront.

Over the next few months, two pop-up shops will be coming to Fitchburg. InTown Fitchburg is partnering with Bonfire Books to lead a Retail Pop-Up Market from December 1 to December 23, 2022, and a post-holiday week event with additional discounts from January 2 to January 6, 2023. The shop will be located at 37 Boulder Drive in Fitchburg. Bonfire Books will be selling used, new and unusual books as well as hosting vendors who will be featured throughout the pop-up shop schedule. Participating vendors include local paper artists, woolens and winter accessories, custom cards and calendars, stationary and stickers, locally made soaps and candles, and other art, gift and craft items.

“A pop-up shop provides a tremendous benefit to the business owner while also helping to develop vibrant downtown areas,” said Roy M. Nascimento, President and CEO, North Central Massachusetts Chamber of Commerce. “This funding will help support the ongoing revitalization efforts of the downtown Fitchburg area by bringing together local small business owners to share their work with the community.”

In addition to highlighting vendors featured in the pop-ups, placing pop-up shops in an existing business has the potential to attract a new customer base and could lead to future collaborations with featured vendors.

“As we continue our work to revitalize the downtown area, we are excited to open up our vacant storefronts for our local small business owners to share their products with the community through this program,” said Mayor Stephen L. DiNatale, City of Fitchburg. “It’s always wonderful when organizations come together to create unique opportunities for our business owners, and through this collaboration with the city, InTown Fitchburg, the North Central Massachusetts Development Corporation, and the property owners willing to participate in the program, we are able to provide spaces for local artists and entrepreneurs to grow their business while we grow our downtown.”

Additional details, including opening times and updates for these pop-up shops, can be found by visiting www.intownfitchburg.com or following Bonfire Books on social media.

 

Chamber of Commerce | North Central Massachusetts | North Central Massachusetts Chamber of Commerce | North Central Massachusetts Development Corporation (NCMDC) | $10,000 Grant | City of Fitchburg, MA

Chamber Member Is Bringing Scuba Diving Back to Central Mass

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For those in the know, the distinctive diagonal white stripe on a red background displayed on Main Street in Downtown Leominster is a pleasant surprise. They immediately recognize the diver down flag used to alert vessels that scuba divers and snorkelers are underwater. “A lot of customers see the diver down flag while driving by and stop in to check us out,” say first-time small business owners Matt and Pam DeMar, who opened Descent Divers, only the second dive shop in Worcester County, to have fun and grow the local underwater community.

The shop’s prime location at 6 Main Street boasts floor space for an array of scuba diving merchandise, from face masks to flippers. Even more convenient is the space upstairs that serves as a classroom for the wide range of courses offered at Descent Divers. Some of those courses, like Open Water Diving, cater to beginners. But the DeMars also offer an array of specialized certification courses, from Rescue Diving to Night Diving, for more experienced divers. And for those who want to dive year-round closer to home, the shop’s certification courses in Full Face Mask Diving and Dry Suit Diving are big hits. Since scuba divers equipped with a full-face mask and dry suit leave nothing exposed to the elements, they can continue diving in local lakes or along the South Shore well after the traditional end of diving season in November.

Whichever course customers choose, it’s helpful to know that Descent Divers is affiliated with internationally recognized PADI (Professional Association of Diving Instructors), which issues the scuba diving certifications. “Many of our courses are also ACE (American Council of Education) accredited,” adds Matt about the accreditation, which means that some courses can count as transferable college credits in physical fitness or environmental science.

Enriched air for longer dives
Matt is a certified scuba diving instructor who volunteered for years with Operation Blue Pride, a nonprofit based in Newton, MA, which offers free scuba training to veterans. So, he knows the ins and outs of diving and offers other essential services at Descent Divers, everything from repairing regulators to producing and selling enriched air nitrox (EANx). The enriched air tanks are essential to deep-water divers who run the risk of getting the bends, a potentially deadly nitrogen saturation in tissue that occurs when divers remain submerged for a long time. EANx increases the amount of oxygen in the tank up to 40% to minimize nitrogen intake. Luckily, the shop’s Main Street location also includes a basement that houses the compressor used to manufacture EANx. And the certification you need to purchase the enriched air? Descent Divers offers that non-dive training course right upstairs.

Seal pups, scallops and lobsters
“It’s amazing what you can see underwater even out here,” says Matt of New England’s waterways, which tend to be murkier than tropical destinations. Seeing seal pups play underwater is one of those amazing sights, while more adventurous souls can scuba dive for lobsters. Although picking up a lobster at your local grocer might be more convenient, Matt insists that “it’s more fun to dive for your own.” Rest assured, the shop offers essential gear for lobster diving, like squeeze-handle claw-proof bags and curved tickle sticks used to coax lobsters out of hiding.

Networking and community outreach
When it came to handling the logistics of opening a scuba diving shop, like booking pool time for underwater training, the couple say being members of the North Central Massachusetts Chamber of Commerce was invaluable. “The Chamber is good about helping businesses network with other businesses and institutions in the area,” explains Pam. “Especially when we needed additional pool times, having those connections was very helpful.”

According to the owners of Descent Divers, their Chamber of Commerce membership is also great for community outreach since it connects them with community organizers, like those who might plan beach cleanups. “People often forget to clean up what’s in the water,” Matt cautions. “We’re eager to participate in those beach cleanups since we can dive underwater and pick up discarded litter that washes into the waterways.”

Whether you’re a seasoned scuba diver or want to get certified, the dive shop owners encourage you to stop by for a chat. “But bring a friend,” warns Matt. “You’ll need a dive buddy.”

Learn more
Stop by Descent Divers at 6 Main Street in Leominster, MA, or learn more about its extensive course offerings at descentdivers.com.
Email:
Phone: 978-230-7300

 

 

 

 

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Mass. Retailers Forecast 10 Percent Spike In Holiday Sales

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Source: State House News Service
Author: Michael P. Norton

High inflation and steady recession talk do not appear to be dampening holiday shopping appetites.

The Retailers Association of Massachusetts on Thursday morning forecast a 10 percent increase in local holiday shopping sales this year. The prediction, based on a survey of association members, contrasts with a forecast calling for a 6 to 8 percent increase in holiday sales nationally.

“We are asking Massachusetts’ holiday shoppers to remember that how they invest their dollars makes a big difference in the local economy,” RAM President Jon Hurst said. “We are asking consumers to commit to investing a good portion of their spending budgets right here in our communities.”

Holiday sales for the 2021 season increased 16 percent in Massachusetts and 14 nationally due to pent-up demand from COVID, the association said.

Numbers released Thursday morning show U.S. inflation was up 7.7 percent over the year in October, down from an 8.2 percent year-over-year increase reported in September, and RAM said retailers are also feeling inflation’s pinch on outlays for inventory, wages, and energy.

“A projected 10 percent sales increase over prior year leaves little margin for error or increased profitability given the 8 percent inflation rate,” Hurst said.

The health of retail is important on main streets across the state where stores offer a base for commerce and community development, but also to the roughly 600,000 people who are employed in the sector, accounting for about 17 percent of all jobs in the state, according to the association, whose 4,000 members include “retailers and restaurants of all types and sizes.”

The association said consumer spending in Massachusetts has “remained relatively strong for the year to date,” with members reporting an average sales increase of 6 percent so far. But retailers are seeing changes in consumer purchasing patterns.

“Consumer savings rates increased during COVID, and debt levels dropped as well,” the association said. “Yet those numbers are now reversing again given the inflation rate, and some sellers report experiences of customers now ‘buying down’ on their purchases, even as the number of transactions continue at positive numbers.”

Hurst reported that 60 percent of the association’s members report selling online, compared to 26 percent during the 2019 holiday season.

 

Chamber of Commerce | North Central Massachusetts | North Central Massachusetts Chamber of Commerce | Community Development | Economic Development | Legislative Issues | Government Affairs | Elected Officials | State House News Service

Baker Signs Eco Dev Package, With Preference for ARPA Spending

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Source: State House News Service
Author: Chris Lisinski

Months of uncertainty about the fate of a multibillion-dollar spending package came to an end Thursday when Gov. Charlie Baker signed into law a $3.76 billion compromise bill that, to his disappointment, does not feature the tax relief Democrats once promised.

Baker used his veto pen to strike only $1.1 million from the bill’s bottom line and sent back two proposed changes dealing with certified nurses’ aide exams and retirement buybacks. He also vetoed two dozen outside sections, most dealing with in-state tuition retention language Baker said would be more appropriate in an annual budget or “considered as part of a comprehensive public higher education finance reform effort, not made piecemeal.”

Baker also struck down a section of the bill that would have created a special commission to examine “the potential negative environmental and economic impacts” of discharging radioactive spent fuel pool water, which lawmakers included as Holtec weighs dumping contaminated water into Cape Cod Bay in the process of decommissioning the former Pilgrim Nuclear Power Plant.

The governor said that proposed panel’s work “would be duplicative of, and would interfere with, ongoing work on waste disposal and decommissioning issues by the responsible federal and state agencies.”

The most significant change Baker made is more or less an accounting one. He vetoed language setting a $510 million cap on the amount of federal American Rescue Plan Act funds that could be spent toward the bill’s goals, a move that the administration said would allow Massachusetts to prioritize committing its full pot of $2.3 billion in remaining ARPA money.

That veto does not change the legislation’s bottom line, but it will effectively shift around spending sources so that Gov.-elect Maura Healey and the Legislature will need to decide the fate of carried-forward surplus fiscal 2022 state tax revenues rather than untapped federal aid.

In his signing letter, Baker said he was “deeply concerned” that the proposed cap would have left that much ARPA money unused ahead of an end-of-2024 deadline to commit the full pot and an end-of-2026 deadline to spend it.

“It is imperative that the Commonwealth does not put these funds at risk through further delay in allocating them. Therefore, I am vetoing section 264, which would restrict ARPA-FRF spending to only $510 million,” Baker wrote. “This will allow the Commonwealth to allocate federal dollars first for uses as authorized in line items in this bill. Relative to the enacted bill, the same amount of money will remain unallocated, and that money will still be subject to appropriation, but it will be state money, and it will not expire.”

The bill will steer funding to a range of industries and toward numerous public programs. It includes $850 million in relief for financially strained hospitals, human services providers, nursing facilities, rest homes and community health centers as well as $200 million for the state’s ongoing COVID-19 response.

Other spending highlights include hundreds of millions of dollars for housing production and homeownership supports, $150 million for early education and care providers, $150 million for clean energy initiatives and $100 million for port infrastructure improvements.

The new law additionally provides the MBTA with another $112 million for critical work and safety improvements in the wake of a blistering Federal Transit Administration investigation, which found myriad problems and incurred mandatory corrective action plans. That money adds to $666 million lawmakers and Baker already approved for the T to address those issues.

“The significant investments in this bill will fortify health and human services, advance clean energy and resiliency efforts, expand affordable housing production, and support Massachusetts communities, businesses, and families,” Baker wrote.

Legislative leaders spent months weighing spending ideas and tax relief measures behind closed doors before both branches in July unanimously approved versions of the bill. Those drafts each included $500 million in one-time rebates for middle-income Bay Staters and authorized about half a billion dollars annually in permanent estate tax reforms and tax breaks for renters, seniors, caregivers and others.

Top Democrats tossed their original plan back onto the shelf, however, when they learned in late July that Massachusetts owed taxpayers nearly $3 billion in relief under a 1986 voter-approved tax cap law. The compromise they revived after months of inaction featured none of the previously approved tax reforms as legislative leaders warned about an uncertain economic future.

“As I have also previously expressed, I was disappointed that permanent tax relief reforms were not included in this bill. The measures that I proposed in January and that were supported by the Legislature in earlier versions of this bill are affordable and sorely needed by Massachusetts taxpayers,” Baker wrote in his signing letter. “Recognizing the importance of childcare investments, I am approving sections in this bill that redirect $315 million from the Commonwealth Taxpayer Relief Fund to the High-Quality Early Education & Care Affordability Fund. However, we can invest in childcare and make sensible tax changes at the same time. With the state in a historically strong fiscal position, the tax cuts that the Legislature has committed to prioritizing next session will be affordable without a special set-aside.”

In addition to authorizing spending for economic development goals, the bill includes measures that will allow Comptroller William McNamara to close the state’s financial books on the fiscal year that ended June 30.

McNamara under state law faces an Oct. 31 deadline to file an annual financial report, but delayed action on the closeout budget pushed his work past that date.

 

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North Central Massachusetts Development Corporation approves financing toward purchase of popular dance and performing arts studio

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Paula Meola Dance and Performing Arts now known as MEM Dance Theatre

The North Central Massachusetts Development Corporation (NCMDC), the economic development arm of the North Central Massachusetts Chamber of Commerce, recently approved a $100,000 loan to Paula Meola Dance and Performing Arts as new leadership takes over the popular studio following the retirement of Paula Meola, founder of the studio. This loan retained two full-time employees and 13 part-time employees.

Now known as MEM Dance Theatre, the studio is located at 50 Leominster Road in Sterling and was purchased by Matthew Kooyomjian and Mary Elizabeth Tinervin in early 2022. In addition to ownership, Kooyomjian coaches and manages the elite competitive dance team, and will continue his role as Administrative Manager and Director of Competitive Teams. Tinervin has served as an instructor at the studio for the past two years and has an extensive dance background, including dancing professionally in Europe, Boston and New York City, which will serve her well as a new owner.

“With a proud heritage dating back more than 20 years, the primary mission of MEM Dance Theatre is to provide a safe, fun, skilled experience for families and their children who desire to study dance and theatre arts,” said Kooyomjian. “With the funding provided by the North Central Massachusetts Development Corporation, we are able to continue Paula’s legacy of offering our community access to unique performance opportunities, and our students with dance techniques provided by talented faculty and guest artists.”

As a microloan lender, NCMDC can provide loans to small businesses up to $250,000 for working capital, real estate, equipment, inventory, expansion and working with our banking partners to provide gap financing for the final piece of a project.

For more information about the NCMDC loan programs, please call 978.353.7607 or visit NorthCentralMass.com or ChooseNorthCentral.com.

North Central Massachusetts Development Corporation approves financing toward purchase of Birchtree Bread Company

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Funding to support business growth for popular Crust Bake Shop

The North Central Massachusetts Development Corporation (NCMDC), the economic development arm of the North Central Massachusetts Chamber of Commerce, recently approved a $125,000 loan as part of a funding package with TD Bank, for owners of Crust Bake Shop to purchase Birchtree Bread Company, located on Green Street in Worcester.

The restaurant was purchased by Alexis Kelleher and Nate Rossi, owners of the popular Crust Bake Shop in Worcester, to expand Crust Bake Shop with a larger commercial kitchen facility while enabling Birchtree Bread Company to continue servicing the booming canal district.

In 2016, Kelleher opened Crust focusing on artisan breads, pastries, baked goods, and breakfast and lunch sandwiches. In August 2020, Crust expanded to a second location on West Boylston Street in Worcester. This loan helped to retain 22 full-time and 35 part-time jobs and was referred by NCMDC by the Small Business Development Center.

“We have experienced tremendous growth over the past six years and after looking for a large, commercial kitchen we learned Birchtree Bread Company was for sale,” said Kelleher. “This was the perfect opportunity for us to expand our business and continue providing the dedicated customers at Birchtree the food and beverages they’ve come to love over the years. We are grateful to the Small Business Development Corporation, the North Central Massachusetts Development Corporation and to TD Bank for helping us achieve our goals.”

As a microloan lender, NCMDC can provide loans to small businesses up to $250,000 for working capital, real estate, equipment, inventory, expansion and working with our banking partners to provide gap financing for the final piece of a project.

For more information about the NCMDC loan programs, please call 978.353.7607 or visit NorthCentralMass.com or ChooseNorthCentral.com.

Baker-Polito Administration Joins Military Families and Legislators to Celebrate Signing of SPEED Act

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The Baker-Polito Administration today joined military family members and legislators for a ceremonial signing of the SPEED Act, a comprehensive new law that makes Massachusetts a more welcoming place for military families and strengthens efforts to support and honor the Commonwealth’s veterans. Governor Charlie Baker held a ceremonial signing of the legislation today at Hanscom Air Force Base with Secretary of Veterans’ Services Cheryl Lussier Poppe, Massachusetts National Guard Adjunct General Major General Gary W. Keefe, and leaders from the military family community.

“Massachusetts has a strong history of supporting our nation’s military, and we are proud that thousands of service members and their families call the Commonwealth their home,” said Governor Charlie Baker. “The SPEED Act makes Massachusetts a more welcoming place for military families transferring here by streamlining the occupational licensing process so military spouses can continue their professional careers and by making it easier for those families to access educational opportunities in the Commonwealth. In addition, I am pleased that this new law will create a Medal of Fidelity so that Massachusetts can recognize fallen heroes who lost their lives to the hidden wounds of war. We are grateful to the many military family members who supported this important proposal and to our legislative colleagues for passing this bill.”

“Military families sacrifice so much for our country, and it’s important we do all we can to make their transitions as seamless as possible,” said Lt. Governor Karyn Polito.“We are glad that the SPEED Act will help military spouses continue their professional careers and military family members access educational opportunities here in the Commonwealth. We are grateful for the partnership of our legislative colleagues on this important issue.”

The SPEED Act streamlines the processes for occupational licensure and school enrollment for military families transferring to Massachusetts, so families can continue their careers and education when a servicemember is newly stationed in the Commonwealth. Governor Baker initially proposed legislation to improve the licensing process for military families last year. The SPEED Act also includes language first proposed by Governor Baker creating a new Medal of Fidelity to honor veterans who lost their lives due to service-related injuries or illnesses. The Military Spouse Licensure Portability, Education and Enrollment of Dependents (SPEED) Act was passed by the Legislature this summer and signed by Governor Baker on August 5, 2022.

“The SPEED Act is momentous legislation that will improve the lives of every single service member, Veteran, and military family member who resides in our Commonwealth, now and in the future,” said Senator John Velis (D – Westfield), Senate Chair of the Joint Committee on Veterans and Federal Affairs. “This new law supports our military families in their transition to Massachusetts, introduces new benefits and services for Veterans and National Guard members, and expands the ways our Commonwealth recognizes the sacrifices of those who have served. I am grateful to Governor Baker for signing this bill into law, to my colleagues in the Legislature for their support, and to all our Commonwealth’s service members and military families for their advocacy and their service.”

“The SPEED Act recognizes our veterans most immediate issues and addresses them head on to provide the highest quality of life,” said Representative Paul McMurtry (D – Dedham), House Chair of the Joint Committee on Veterans and Federal Affairs. “Veteran-related issues have been a top priority from the start of this session and along with Governor Baker, Lt. Governor Polito and their administration, we have worked collaboratively to continue the Commonwealth’s long history of recognizing deserving veterans and their families.”

“This is a historic bill and is most likely the most encompassing military and veterans bill passed in the Commonwealth in the last century,” said Major General Gary W. Keefe, Adjunct General of the Massachusetts National Guard. “This bill recognizes both the sacrifice of our military service members, as well as veterans and their families, and it establishes programs that will recruit and retain service members, attract future military missions, and continue to provide for our growing veteran population. Our thanks to Governor Baker, all the Massachusetts legislators in the House and the Senate, as well as the tenacity and leadership of the Joint Committee on Military and Veterans’ Affairs who worked tirelessly to get this bill over the goal line. This bill will make it clear to every state in the republic that Massachusetts is unmatched in its care and support of it military members, veterans, and their families.”

“The SPEED Act provides critical resources that our veterans, service members and their families so rightfully deserve,” said Secretary of Veterans’ Services Cheryl Lussier Poppe.  “Through this legislation, Massachusetts continues to lead the way in providing an array of services and benefits to ensure that veterans and family members can thrive. I am grateful to Governor Baker, Lt. Governor Polito, members of the Legislature and other key stakeholders who helped make this legislation possible.”

“The Army recruits Soldiers, but retains Military Families; the other Services do the same.  I see the Massachusetts SPEED Act as a big step forward in alleviating several challenges facing Military Families,” said Maria McConville, Registered Dietitian, Army Veteran, and Military Spouse. “As an Army Spouse of 35 years, in a profession requiring state licensing, I am excited to see the Act’s focus on portability of licensure for all professions and expedited licensure for teachers. Valuing Military Children through the Purple Star school designations, In-state tuition, and simplification of school enrollment, speaks volumes of Massachusetts’ commitment to Service Members and their Families. On behalf of Military Spouses, I am grateful for this legislation and encourage Massachusetts, along with other states, to continue advocating for and supporting their Military residents.”

SPEED ACT Major Components:

Expedited Licensing: The SPEED Act creates a new 30-day expedited licensing process for military spouses to receive licenses issued by the Division of Occupational Licensure (DOL) and the Department of Public Health (DPH) if they are licensed in another state and meet necessary requirements. The law also allows for granting of automatic 3-year teaching certificates for spouses of active-duty military members serving in Massachusetts or a bordering state if they are licensed in another state, enabling them to work before completing testing requirements for the regular certificate.

Medal of Fidelity: The SPEED Act includes legislation first filed by Governor Baker in 2020 and again in 2021 to create a Medal of Fidelity to be awarded to the next-of-kin of Massachusetts service members who died as the result of service-connected diseases, conditions, or injuries, including PTSD, traumatic brain injury, or exposure to harmful toxins.

Educational Access for Military Families: The SPEED Act helps military families transferring to Massachusetts by allowing them to enroll students in K-12 school in advance and without having to physically appear. The law also extends Massachusetts residency or “in-state” status at public colleges and universities to any active-duty US military member, spouse, or child who is stationed in the Commonwealth.

Other Measures: The SPEED Act also:

  • Creates a new $2,000 tax credit for businesses with less than 100 employees who hire and retain National Guard members;
  • Allows several public colleges and universities to establish a pilot mentoring program to assist non-enrolled veterans to adjust to civilian life; and
  • Codifies existing practice by requiring the Governor annually to issue proclamations on the anniversaries of the founding of the US Army, the US Air Force, the US Coast Guard and the National Guard.

 

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Tax Refunds Will Start To Flow On Tuesday

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Source: State House News Service
Author: Chris Lisinski

The first checks and direct deposits from a nearly $3 billion pot of excess tax revenue will head back to taxpayers starting on Tuesday when the calendar flips to November, the Baker administration announced Friday.

A spokesperson for the Executive Office of Administration and Finance said money will head out the door under the voter-approved tax cap law known as Chapter 62F, which taxpayers triggered for the first time since 1987 by delivering massive amounts of taxes.

About 3 million taxpayers will receive a refund in the form of a mailed check or a direct deposit worth about 14 percent of what they owed in state personal income tax in 2021, the spokesperson said. The administration plans to distribute the refunds on a rolling basis through Dec. 15. The administration had previously estimated refunds of about 13 percent of income tax liabilities.

Taxpayers who owed state personal income tax last year and already filed their 2021 return are eligible and do not need to take any additional steps to receive their refunds.

The administration published a frequently asked questions page online with a calculator that taxpayers can use to estimate their forthcoming refunds.

The Baker administration previously said taxpayers needed to file a 2021 tax return by Oct. 17, 2022 to be eligible for a 62F refund, but a spokesperson said Friday the administration pushed that deadline until Sept. 15, 2023 — which is the latest date possible to file a 2021 tax return when accounting for extensions — to accommodate taxpayers who might not have been aware of the original deadline.

 

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New GDP Shows U.S. Economy Bouncing Back

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Source: State House News Service
Author: Michael P. Norton

The U.S. economy rebounded in the third quarter, growing at a 2.6 percent annual rate after contracting in the second quarter. The U.S. Bureau of Economic Analysis released the new real gross domestic product data Thursday morning. Government analysts said increases in exports, and both consumer and government spending fueled the growth. The leading contributors to rising exports of goods and services included industrial supplies and petroleum, and travel and business services. Health care outlays helped drive up consumer spending on services although the Bureau of Economic Analysis also cited a “deceleration in consumer spending.” Defense spending and increases in state and local government employee compensation helped boost overall government expenditures. On the savings front, the personal saving rate, or personal savings as a percentage of disposable personal income, was 3.3 percent in the third quarter, compared with 3.4 percent in the second quarter, according to the Bureau of Economic Analysis. The economic news comes less than two weeks ahead of the midterm elections and President Joe Biden, who has shouldered blame for soaring inflation and persistently high gas prices, quickly released a statement noting that unemployment in the U.S. stands at a 50-year low and asserting that manufacturing is “booming.” “For months, doomsayers have been arguing that the US economy is in a recession and Congressional Republicans have been rooting for a downturn,” Biden said. “But today we got further evidence that our economic recovery is continuing to power forward. This is a testament to the resilience of the American people.” Beacon Hill Democrats in recent months have cited a possible recession among the concerns that have left them unable to agree on the size and scope of an election-year package of spending measures and tax cuts.

 

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