Senate Passes Legislation Authorizing Short-Term Borrowing During Historic Remote Session

(BOSTON – 05/18/2020) The Massachusetts State Senate convened Thursday for the first-ever remote session in the history of the body to pass legislation to allow short-term borrowing to meet the Commonwealth’s financial obligations. The bill was later signed into law by the Governor on May 15, 2020. 

“The passage of this bi-partisan legislation will allow us to continue to meet the fiscal challenges brought on by the COVID-19 pandemic,” said Senator Cindy F. Friedman, vice chair of the Senate Committee on Ways and Means. “I’d like to thank Senate President Spilka, Senate Ways and Means Chair Rodrigues, Senate Minority Leader Tarr, and all of my Senate colleagues for making this happen and for collaborating on today’s first-ever remote legislative session.”

The legislation, An Act to Facilitate the Delay of the Income Tax Filing Deadline, complements legislative action taken in early April to extend the income tax filing deadline to July 15, 2020, which provided flexibility to residents and families across the state amid the COVID-19 State of Emergency. The extension mirrors actions taken on the federal level. 

To ensure budgetary stability, the bill allows the treasurer to borrow during Fiscal Year 2020 to meet financial obligations that would normally be fulfilled through income tax filings.