BHRC | FROM PAGE 19 Page 20 BORROW $5 BILLION FOR STATE PROJECTS(H 4790) House 155-0, approved and sent to the Senate a $5 billion bill that borrows money for hundreds of projects— the majority involving maintenance and modernization projects of buildings—many of which are decades old. The House added $125 million during consideration of the package. A key provision imposes a fi ve-year moratorium on any prison or jail construction in Massachusetts. There was no debate on the House fl oor during consideration of the package. There were 256 amendments fi led by members, many of which were filed by legislators for projects in their own disTHE SAUGUS ADVOCATE – FRIDAY, MAY 27, 2022 trict. Members pitched their amendments behind closed doors. In the end, there was no debate or vote on individual amendments but rather approval of a single mega-consolidated which included some, but not all, of the 256 amendments. “I’m pleased that the House of Representatives advanced this critical legislation to ensure funding for several governmental facility projects,” said House Speaker Ron Mariano (D-Quincy). “The House bill also includes a moratorium on the construction of all new prisons in the commonwealth. This moratorium is consistent with the goals of the Legislature’s 2018 criminal justice reform legislation, which looked to reduce our prison population, limit “YOUR FINANCIAL FOCUS” Joseph D. Cataldo BACKDOOR ROTH IRA’S W hen the House Ways and Means Committee in May of 2021 passed Secure 2.0, the Securing a Strong Retirement Act, it appeared that this bill would easily pass the United States Senate and the House of Representatives. It the bill were to have passed, that would have been the end of the Backdoor Roth IRA. A backdoor Roth IRA is when high income earners, who otherwise are not able to contribute to a Roth IRA, instead contribute to a non-deductible Traditional IRA. Subsequently, he or she will then convert the non-deductible Traditional IRA into a Roth IRA. At the time of conversion, the only income taxes to be paid would be if there were earnings in the Traditional IRA account prior to the conversion. Only the earnings would be taxed. The Roth IRA owner does not have to take out any required minimum distributions upon reaching the age of 72. No income taxes will have to be paid on future earnings so long as the Roth IRA account has been established for at least fi ve years. If you are single, for calendar year 2022, your ability to contribute to a Roth IRA is phased out completely once your modifi ed adjusted gross income reaches $144,000. For a married person fi ling jointly, the income figure for the phase out is $214,000. Secure 1.0 did away with the stretch IRA, which allowed non-spouse beneficiaries of IRA’s to “stretch” the required minimum distributions over his or her life expectancy. Under current law, the IRA account must be withdrawn within a ten- year period. For certain Trust beneficiaries, the IRA account must be taken over a fiveyear period. Many beneficiaries must also begin withdrawing monies in the benefi ciary IRA account starting in year one and then in each of the next nine years. With Roth IRA’s, benefi ciaries are not required to withdraw monies in years one through nine. They must, however, withdraw the entire account out by the end of the tenth year. However, that means that the Roth IRA benefi ciary has the luxury of having that account grow tax free for the entire ten- year period. Even if Congress does away with the backdoor Roth IRA, the legislation would only affect future conversions. So, for now, it seems to still be a great planning idea. solitary confi nement and increase access mental health support.” Rep. Danielle Gregoire (D-Marlborough), the House chair of the Committee on Bonding, Capital Expenditures and State Assets, did not respond to repeated requests by Beacon Hill Roll Call to comment on passage of the bill. Her committee held a hearing on the original version of the measure sponsored by Gov. Charlie Baker back in January. (A “Yes” vote is for the bill). Rep. Jessica Giannino Yes Rep. Donald Wong Yes ALSO UP ON BEACON HILL ALLOW CITIES AND TOWN TO IMPOSE WATER FEES (S 2869) — The Committee on Municipalities and Regional Government held a virtual hearing on legislation that would allow cities, towns and water or wastewater districts to impose “reasonable” fees that would be used only to remedy/offset impacts that water withdrawals and discharges have on the natural environment. Supporters said that “water banking” at the local level has proven to be an eff ective tool for mitigating the impacts of water withdrawals on both the natural environment and local and regional water infrastructure systems. “In response to administrative consent orders and increasingly stringent regulatory mandates, communities are being encouraged to establish water banks or mitigation funds,” said sponsor Sen. Jamie Eldridge (D-Acton). “These funds are needed to design and construct water, sewer and stormwater improvements that are required to mitigate environmental impacts directly attributed to new or increased demands placed on these essential services.” RAISE FINES FOR ANIMAL CRUELTY (H 2132) — Stuck in the Bills in Third Reading Committee since approved by the House on Dec. 30, 2021, is a bill that would amend current law that imposes up to a 7-year prison sentence and/or $5,000 fi ne for a fi rst off ense of animal cruelty and a 10year prison sentence and/or $10,000 fi ne for a second offense. The bill leaves the prison sentences as they are but raises the fi nes to $5,500 for a first offense and $11,000 for subsequent offenses. It also creates a special account where up to $500 for a fi rst offense and up to $1,000 for subsequent off enses would go to fund improvements to animal shelters in the city or town in which the violations occurred. “Animal cruelty laws in Massachusetts are strong, but not strong enough,” said sponsor Rep. Bruce Ayers (D-Quincy). “ We need to set a stronger precedent that animal cruelty will not be tolerated. The additional funds generated through this bill will help subsidize much-needed improvements to animal shelters across Massachusetts, putting the fi nancial burden on the backs of those who violate the law. Addressing the inaction on the bill for the past fi ve months, Ayers said he’s confi dent on the merits of this bill and feels that it will continue through the legislative process.” $500 PAYMENTS TO 330,000 ELIGIBLE LOW-INCOME WORKERS — The Baker Administration announced that 300,000 low-income workers will each receive $500 under the second round of the COVID-19 Essential Employee Premium Pay Program that was part of the American Rescue Plan Act approved by the Legislature in December 2021. The administration was given the power and fl exibility to implement the program and announced last week that these round two checks will be mailed out soon. Massachusetts residents will be eligible for the $500 if their 2021 income from employment was at least $13,500— and their total income put them below 300 percent of the federal poverty level. Individuals who received a round one payment through this program or received unemployment compensation in 2021 will not be eligible for this second round of payments, nor will commonwealth executive branch employees who received or will receive a one-time COVID-related payment from the state as their employer. For more information about eligibility and other details, go to https://www.mass. gov/info-details/covid-19-essential-employee-premium-pay-program#eligibility-parameters — or call (866) 750-9803 Monday through Friday, 9 a.m. to 4 p.m. QUOTABLE QUOTES “As Massachusetts motorists are on the verge of paying six dollars a gallon for gasoline, Speaker Ron Mariano and Senate President Karen Spilka should reconsider their thoughts that suspending the state gas tax is a gimmick. Instead, they should address suspending the gas tax and cutting other taxes to help middle class Massachusetts taxpayers keep more of their hard-earned money.” --- Paul Craney, spokesman for the Mass Fiscal Alliance “While this shooting happened in New York, we need to talk about it here in Massachusetts—because that could have been Nubian Square, Grove Hall, downtown Brockton or Forest Park in Springfi eld. It could have been, and historically has been, a synagogue, a mosque or a center serving immigrant communities.” --- Massachusetts Coalition to Prevent Gun Violence statement on mass shootings in Buff alo and across the nation. “Achieving an accurate count for all 50 states and DC is always a diffi cult endeavor, and these results suggest it was diffi cult again in 2020, particularly given the unprecedented challenges we faced.” Established in 1961, our company is seeking a responsible person to join our team. position.
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