Trump’s ‘One Big Beautiful Bill’ Could See Massachusetts Lose $650M in Tax Revenue

Trump’s ‘One Big Beautiful Bill’ could see Massachusetts lose $650M in tax revenue

Massachusetts could lose out on $650 million in state revenue because of the tax breaks and spending cuts bill President Donald Trump signed over the summer.

Can Trump Revive The Revenge Tax By Executive Order ? OECD Delays Test G7 Deal

On May 22, as the House of Representatives passed H.R. 1—the “One Big Beautiful Bill Act” (OBBBA)—by a 215-214 margin, I outlined the implications of Section 112029 of H.R.1 in my earlier Forbes article.  The provision, “Enforcement of Remedies Against Unfair Foreign Taxes,” would have added a new Section 899 to the Internal Revenue Code. As detailed in my article, the measure proposed escalating U.S. tax and withholding rates by 5 to 20 percent…

New federal law will drop Massachusetts tax take by $650 million, Department of Revenue chief says

BY COLIN A. YOUNG & ALISON KUZNITZ SEPT. 30, 2025.....Three months into the fiscal year and two weeks out from a key deadline, state budget managers got word Tuesday that their estimates for state tax revenue could be too high by more than half a billion dollars and indicated they have "a lot

State Tax Considerations With the One Big Beautiful Bill Act (OBBBA)

The One Big Beautiful Bill (OBBBA), signed into law on July 4, includes many federal tax changes for both individuals and businesses. However, many of these provisions may have an impact on the state taxes paid by both as well. In the coming months, it is expected that states may pass laws or issue guidance that specifically adopt or decouple from some of the provisions in the bill. This makes it important for multistate taxpayers to monitor sta…

Act soon: The OBBBA ends clean energy tax breaks - WCS - Tax Preparation in Elkton MD

The newly enacted One, Big, Beautiful Bill Act (OBBBA) represents a major move by President Trump and congressional Republicans to roll back a number of clean energy tax incentives originally introduced or expanded under the Inflation Reduction Act (IRA). Below is a summary of the key individual tax credits that will soon be scaled back or eliminated. Clean vehicle tax credits If you’re planning to buy a clean vehicle, consider acting soon to ta…