combined reporting

TEI Urges Veto of Proposed Repeal of Massachusetts' FAS 109 Deduction

On July 16, 2015, TEI submitted a letter to Massachusetts Governor Charlie Baker urging his veto of the Legislature's proposed repeal of Massachusetts' FAS 109 deduction as part of the Commonwealth's fiscal 2016 budget. The FAS 109 deduction was adopted as part of Massachusetts combined reporting regime in 2008 and was designed to mitigate the financial reporting impact for publicly-traded companies whose net deferred tax liabilities increased as a result of the shift to combined reporting.