Accounting
Wu revives push for homeowner tax relief as bills jump
Boston Mayor Michelle Wu is attempting to revive a failed effort to ease the burden on homeowners hit with double-digit increases in their property taxes.
The refiled proposal would cut the tax rate for the current fiscal year or provide residential rebates if such a reduction isn’t approved by March, Wu’s office said in a statement Monday. Additional provisions call for stepped-up exemptions for small businesses and senior citizens.
Wu, who is seeking reelection in November, is taking another crack at the measure a month after an earlier proposal died in the state legislature and two weeks after Boston sent out new property-tax bills to homeowners with significant hikes. Earlier this month, the city rolled out a calculator for residential taxpayers to figure out what their rates would have been if her proposed legislation had been adopted last year.
“For too many residents, this sharp tax spike is a burden that makes it even harder to pay bills and afford to stay in the city they call home,” she said in the statement.
Quarterly taxes for the average single-family home with a residential exemption increased by more than 10%, which amounts to almost $575 for the year, Wu’s office said. Boston’s tax revenue is under pressure because of the nationwide decline in office demand, which is hitting commercial property values.
Wu had initially proposed a workaround that would preserve Boston’s budget without burdening homeowners with the brunt of the shortfall from commercial levies. But that plan
While last year’s bill was passed by the city council and the Massachusetts House of Representatives, it ultimately failed to get a vote before the state Senate. Corporate leaders have argued that higher property taxes would only deepen the pain in the battered commercial real estate market.
The latest proposal will be presented before the city council and then head to state lawmakers for consideration.
Total postsecondary spring enrollment grew 3.2% year-over-year, according to a report.
The National Student Clearinghouse Research Center published the latest edition of its
The report found that undergraduate enrollment grew 3.5% and reached 15.3 million students, but remains below pre-pandemic levels (378,000 less students). Graduate enrollment also increased to 7.2%, higher than in 2020 (209,000 more students).
(Read more:
Community colleges saw the largest growth in enrollment (5.4%), and enrollment increased for all undergraduate credential types. Bachelor’s and associate programs grew 2.1% and 6.3%, respectively, but remain below pre-pandemic levels.
Most ethnoracial groups saw increases in enrollment this spring, with Black and multiracial undergraduate students seeing the largest growth (10.3% and 8.5%, respectively). The number of undergraduate students in their twenties also increased. Enrollment of students between the ages of 21 and 24 grew 3.2%, and enrollment for students between 25 and 29 grew 5.9%.
For the third consecutive year, high vocational public two-years had substantial growth in enrollment, increasing 11.7% from 2023 to 2024. Enrollment at these trade-focused institutions have increased nearly 20% since pre-pandemic levels.
Jordan Vonderhaar/Photographer: Jordan Vonderhaar/
The Internal Revenue Service has released
The Inflation Reduction Act of 2022 amended Sec. 55 to impose the CAMT based on the “adjusted financial statement income” of an “applicable corporation” for taxable years beginning in 2023.
Among other details, proposed regs provide that “applicable corporation” means any corporation (other than an S corp, a regulated investment company or a REIT) that meets either of two average annual AFSI tests depending on financial statement net operating losses for three taxable years and whether the corporation is a member of a foreign-parented multinational group.
Prior to the publication of any final regulations relating to the CAMT, the Treasury and the IRS will issue a notice of proposed rulemaking. Notice 2025-27 will be in IRB: 2025-26, dated June 23.
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