BUSINESS TAX RATE FALLS

The state’s business corporation tax rate of 9.5 percent falls to 8.75 percent on Friday, Jan. 1, 2010 and the financial institution tax rate of 10.5 percent drops to 10 percent. The rate reductions were included as part of a corporate tax law reform bill last July that included a pair of major changes – the so-called combined reporting and check-the-box reforms – sought by Gov. Deval Patrick to bolster state tax collections and close what he called loopholes in the tax code. The Patrick administration at the time promoted that rate cut as a way to help businesses in Massachusetts, especially smaller ones, stay competitive. It was paired with tax law reforms that at the time were projected to generate $285 million in fiscal 2009, $390 million in fiscal 2010 and $269 million in fiscal 2011. At the time of the bill’s passage, Sen. Cynthia Creem estimated between 15,000 and 20,000 Massachusetts businesses would benefit from overall tax rate reductions that take effect next week.

Preliminary Survey Results

During September and October 2009 Central Massachusetts Agency on Aging undertook a survey of elder residents throughout the region to gather information on issues with which elders might need assistance.

Based on the sampling drawn from local street lists, it appears that the elder population of Central Massachusetts was approximately 144,000 as of January 1, 2009.   The state estimate for 2010 is 148,000 so this seems to be a reasonably accurate figure

A sharp increase in the percentage of elders with incomes below the poverty line was noted.  The preliminary figure for 2009 is 12.4% in comparison to 8.1% in the 2005 survey.

Overall, the top needs ranked by CMAA’s “need index”, which considers both the number of respondents with specific needs and the degree to which these needs are unmet, include the following:

Help with applying for financial assistance
Preparing tax forms
Home repairs
Finding employment opportunities
Finding volunteer opportunities
Paying property taxes
Problems dealing with large debt
Problems dealing with depression/loss
Problems coping with a disability

The majority of these are related to financial circumstances and all of them show an increase in the proportion of respondents identifying the need in comparison to the 2005 survey.  Clearly, the current recession has had a significant impact on elders in Central Massachusetts.

From The Auburn VNA Extended Care, Inc

Earlier this year the Greater Worcester Community Foundation approved a grant to Auburn VNA Extended Care to be used to assist low-income elders and their caregivers with home care services.  Through this grant elders in our community have been able to continue receiving home care services, and not have to do without or have family members stretching to provide.   We've been able to assist income eligible elders bridging to home care services provided through agencies contracted with Elder Services of the Worcester Area or Tri-Valley Services.  We are planning on having a fund raiser in the spring to replenish this fund, so we can continue to provide with the these needed services.  Auburn VNA Extended Care is a non-profit private duty home care agency, and the sister agency of the Auburn Visiting Nurse Association (also known as Auburn District Nursing).