Any Massachusetts resident who owns stock in a company based elsewhere could get a tax bill from every state in which that firm does business if the Supreme Judicial Court upholds the commissioner of revenue’s decision.
Unfortunately, there is a real fear that like-kind exchanges, or so-called “1031 exchanges,” will be diluted or outright eliminated in an effort to offset historic spending plans that are being circulated by Congress and the administration.
The state Senate working group formed to take a deep dive into tax policy and recommend ways to modernize and update the tax code will hold closed meetings, according to its chairman.
