#2020-39 November 20, 2020

Senate Finalizes FY2021 Budget

Following two days of deliberations, the Massachusetts Senate finished its work on a roughly $46 billion state budget late Wednesday night.  While the vote to approve the budget was unanimous, the debate Wednesday night revealed some friction as lawmakers attempt to address economic and societal problems the pandemic has highlighted.  Senators debated issues such as transportation and economic development, noting that the Legislature needs to do more if the Commonwealth’s economy is to rebound after the pandemic.

Earlier in the day, the Senate codified and expanded abortion access rights in Massachusetts when it adopted an amendment based on the so-called ROE Act that has been discussed for much of the session. Later that day, Senators debated issues ranging from small business relief to sports betting to airplane noise as well as the Association-opposed real time sales tax modernization.  MBA wrote to Senate members on Monday outlining our position on a number of the amendments filed by Senate members and we are pleased to report that none of the harmful provisions were included in the Senate budget. 

In fact, the Senate rejected an amendment that would have mandated same-day or real-time remittance – a win for the industry – by an overwhelming 4- 35 vote.  As previously reported, the Senate’s budget does include accelerated sales-tax remittance provisions, substantially similar to the House’s language that requires remittance in many cases by the end of the month.

We were also pleased that Senators adopted an amendment sponsored by Senator Anne Gobi (D-Spencer) that provides funding for a program to assist homeowners in the central and western parts of the state that are dealing with the crumbling foundations issue.  The Senate also adopted an amendment from Transportation Committee Chairman Joseph Boncore (D-Boston) establishing a new structure of higher fees for transportation network companies like Uber and Lyft.  The Senate also adopted an amendment from Senator John Velis (D-Westfield) that would provide $200,000 for the creation of an ombudsman’s office at the Holyoke Soliders Home, where more than 75 veterans died of COVID-19 amid an outbreak at the state-overseen facility.

The budget now moves to a conference committee that will meet behind closed doors to work out the differences between the two budget bills and send a compromise product to the Governor’s desk.  As soon as the fiscal year 2021 budget is done, Senate Ways & Means Chairman Michael Rodrigues (D-Westport) and his House counterpart Representative Aaron Michlewitz (D-Boston) will turn their attention to the fiscal year 2022 budget process, which typically begins in December with a hearing on projected tax collections and flows to a January agreement on the consensus revenue figure and the late January filing of the governor’s budget proposal. 

To read the Association’s letter to Senate members, click here. 

MBA’s Virtual Renewable Energy Summit on December 2 – Sponsored by Sunwealth

The Association is hosting our Annual Renewable Energy Summit on Wednesday, December 2 via Zoom.  This year’s summit is designed for residential and commercial lenders, business development officers, credit analysts and others involved in marketing, underwriting or servicing of residential and commercial real estate who wish to learn about new and existing state renewable energy lending programs to expand their portfolios. 

This year’s conference includes representatives from the Mass Solar Loan Program, Eversource/MassSave, MassDevelopment and a banker’s roundtable moderated by our sponsor, Sunwealth.  The roundtable will feature industry colleagues with real-world experience managing renewable energy products.  

MBA’s 2020 Handbook on Deposit and Fiduciary Accounts Shipping in December!

The Association is pleased to announce the release of the 2020 Handbook on Deposit and Fiduciary Accounts.  The Handbook describes all relevant laws and regulations, in effect as of October 31, 2020, to aid branch staff, managers and other deposit operations personnel in staying up to date on best practices and industry requirements. 

This year’s edition includes all relevant revisions to state banking laws in the past year including, but not limited to, all applicable emergency guidance, regulations, and statutes enacted in response to the COVID-19 health crisis.  Other recent changes include the reorganization of topics, separating account management and maintenance issues from account opening procedures, and updated medical & recreational marijuana and hemp banking guidance.  Further, the Handbook continues to be substantially revised and updated annually to ensure a more user-friendly product. 

Preorder yours today by clicking here