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THE SAUGUS ADVOCATE – FRIDAY, SEPTEMBER 24, 2021 Page 15 BHRC | FROM PAGE 14 Federal Aff airs. “This has truly been a long and emotional process that started well before this legislation was fi rst fi led. From the very start, families and veterans gave me a very clear message: ‘Get this done.’ We could not let them down and I am proud to say that we have not let them down … The funding authorized in this bill will ensure that the future residents of the Holyoke Soldiers’ Home and veterans across our commonwealth receive the care with honor and dignity that they have earned in service to our nation.” (A “Yes” vote is for the bill.) Rep. Jessica Giannino Yes Rep. Donald Wong Yes Sen. Brendan Crighton Yes $200 MILLION FOR LOCAL ROADS AND BRIDGES (H 3951) House 150-0, Senate 40-0, approved and Gov. Baker signed into law a bill that includes authorizing $200 million in one-time funding for the maintenance and repair of local roads and bridges in cities and towns across the state. The $350 million package, a bond bill under which the funding would be borrowed by the state through the sale of bonds, also includes $150 million to pay for bus lanes, improvement of public transit, electric vehicles and other state transportation projects. “When building a better normal post-pandemic, investment in transportation infrastructure is crucial,” said Sen. Pat Jehlen (D-Somerville). “Our communities should feel that their infrastructure is reliable and making it easier for them to go back to their normal activities.” “This legislation recognizes that in addition to the backlog of local roads in need of repair, there is an unmet need for local projects that benefi t all modes of transportation,” said Rep. Bill Straus (D-Mattapoisett), House chair of the Committee on Transportation. “And I am pleased that the Legislature was able to provide municipal assistance for road work and expanded funding for towns and cities to advance public transit and reduce congestion.” (A “Yes” vote is for the bill.) Rep. Jessica Giannino Yes Rep. Donald Wong Yes Sen. Brendan Crighton Yes $48.1 BILLION FISCAL 2022 BUDGET (H 4002) House 160-0, Senate 40-0, approved and Gov. Baker signed into law, after vetoing millions of dollars in spending, a compromise conference committee version of a $48.1 billion fi scal 2022 state budget for the fi scal year that began on July 1. The budget was based on new estimates that tax collections in fi scal year 2022 will increase by more than $4.2 billion above the amount originally predicted by the governor, the House and the Senate. In light of the pandemic, elected offi cials had for months braced themselves for a substantial decrease in tax revenues and a cut in some programs and/or even a tax increase. The new estimates also led to the conference committee’s cancellation of a planned withdrawal from the state’s Rainy Day Fund of at least $1.5 billion. Offi cials also project a $1.1 billion deposit into the fund which will drive its balance to $5.8 billion by the end of fi scal year 2022. It also cancels a plan to raise fees on Uber and Lyft rides in order to generate new money for cities and towns, the MBTA and other infrastructure projects. Other provisions include a $350 million fund that could be used in future years to help cover the cost of the $1.5 billion school funding reform law passed in 2019; permanently extending the state’s tax credit for fi lm production companies in Massachusetts; and a new law, based on a bill fi led by Sen. Mark Montigny (D-New Bedford) that will provide victims of violent crime and human traffi cking enhanced protections. “The conference report … upholds our Senate values, charts a hopeful path forward for our commonwealth and more importantly refl ects our priorities,” said Senate Ways and Means chair Mike Rodrigues (D-Westport). “We maintain fi scal responsibility and ensure our commonwealth maintains healthy reserves for years to come. It safeguards the health and wellness of our most vulnerable populations and new supports for children and families.” Although she ultimately voted for the budget, Sen. Diana DiZoglio (D-Methuen) said that she objected to the fact that legislators were given only a few hours to read the 434-page bill before voting on it. The budget was released late on a Thursday night and was voted on Friday afternoon. DiZoglio said that positioning members to take a vote on something they did not get adequate time to review is not acceptable. “If we keep doing this over and over again, it’s not going to magically become acceptable,” she said. “The fact that we didn’t get even a day to review this is very disappointing. But what’s more disappointing … is the fact that those in our communities who have a stake in what happens in the bill before us, those it will impact most—our schools, our elderly populations, those who are coming from positions of powerlessness, those folks, probably many of them, still don’t even know that we’re taking this bill up today. And yet we continue to call what happens in this chamber part of the democratic process.” (A “Yes” vote is for the budget.) Rep. Jessica Giannino Yes Rep. Donald Wong Yes COVID-19 POLICY EXTENSIONS (S 2475) House 150-10, Senate on a voice vote without a roll call, approved and Gov. Baker signed into law a conference committee version of legislation that would extend many of the measures instituted in Massachusetts during the COVID-19 state of emergency that expired when the emergency declaration ended at 12:01 a.m. on June 15. The House approved the extensions on June 15 at 8:52 p.m. and the Senate at 8:54 p.m. Gov. Baker signed the bill into law at 9:40 a.m. on June 16. That means that during the more than 33 hours from 12:01 a.m. on June 15 until 9:40 a.m. on June 16, the extensions had expired and were not in eff ect. Provisions include allowing public bodies subject to the open meeting law to continue to hold remote meetings until April 1, 2022; allowing cities and towns to approve and extend permits for outdoor dining through April 1, 2022; allowing restaurants to off er alcoholic beverages, including mixed drinks, for off -site consumption with the purchase of food until May 1, 2022; and extending several protections that have been granted to tenants who have diffi culty paying rent through April 1, 2022. Other provisions include reinstating until December 15, 2021, the remote option for representative town meetings and meetings of nonprofits and public corporations; notary services; reverse-mortgage loan counseling; and fl exibility for assisted living residences. Several other matters were not resolved and remain before the conference committee including a House-approved provision keeping the cap on delivery fees charged to restaurants by third parties like Grubhub, DoorDash and Uber Eats at 15 percent of the order price; a Senate-approved requirement that certain in-network telehealth services be reimbursed at the same rate as equivalent in-person services; and a Senate approved extension of mailin voting. “This partial report addresses issues common to both the Senate and House bills and is necessary to ensure that critical policies—including those relating to municipalities’ meetings, restaurants, tenants facing eviction, health care and childcare— are available as expeditiously as possible,” read a statement from Senate President Karen Spilka, House Speaker Ronald Mariano and Ways and Means chairs Sen. Michael Rodrigues and Rep. Aaron Michlewitz. “These temporary provisions have been helpful to businesses, municipalities, health care providers, residents and communities during this extraordinary time. We will continue working together to resolve items in the near-term that were not included in today’s conference report, which deserve further consideration.” “I couldn’t in good conscience vote to kick the can down the road as far as property rights,” said Rep. Shawn Dooley (R-Norfolk), one of only 10 representatives who voted against the bill. “By limiting homeowners rights to get rid of a nonpaying renter, [the bill] puts many in a terrible fi - nancial bind as they still have to pay BHRC | SEE PAGE 17 Sa Sen i r Sa a y Senior Senio BY JIM MILLER H t MHow to Manage an Inherited IRA from a Parent Dear Savvy Senior, What are the rules regarding inherited IRAs? When my mom died this year, I inherited her traditional IRA and would like to know what I need to do to execute it properly. Confused Daughter Dear Confused, I’m very sorry about the loss of you mother. Inheriting an IRA from a parent has a unique set of rules you need to know, which will help you make the most of the money you inherit and avoid a taxtime surprise. Here are some basics you should know. Set-Up Inherited Account Many people think they can roll an inherited IRA into their own IRA. But if you inherit an IRA from a parent, aunt, uncle, sibling or friend you cannot roll the account into your own IRA or treat the IRA as your own. Instead, you’ll have to transfer your portion of the assets into a new IRA set up and formally named as an inherited IRA – for example, (name of deceased owner) for the benefi t of (your name). If your mom’s IRA account has multiple benefi ciaries, it can be split into separate accounts for each beneficiary. Splitting an account allows each benefi ciary to treat their own inherited portion as if they were the sole benefi ciary. You can set up an inherited IRA with most any bank or brokerage fi rm. However, the easiest option may be to open your inherited IRA with the fi rm that held your mom’s account. 10-Year Withdrawal Rule Due to the Secure Act, which was signed into law in December 2019, most (but not all) IRA benefi ciaries must deplete an inherited IRA within 10 years of the account owner’s death. This applies to inherited IRAs if the owner died after Dec. 31, 2019. There’s no limit on when or how often you withdraw money from the account, as long as the account is empty by the end of the 10 years. That is, you can choose to withdraw all of the money at once, you can leave it sitting there for a decade and then take it all out, or you can withdraw distributions over time. But be aware that with a traditional IRA, each withdrawal will be counted as income and subject to taxes in the year you make the withdrawal. Exceptions to the Rule There are several exceptions to the IRA 10-year rule, including for a surviving spouse, minor child, disabled or chronically ill benefi - ciary, or a benefi ciary who is within 10 years of age of the original IRA owner. These benefi ciaries may be able to receive more time to draw down the account and pay the resulting tax bill. For example, when you inherit an IRA from a spouse, you can transfer the IRA balance into your own account and delay distributions until after you turn age 72. Minor children must start required minimum distributions from an inherited IRA but don’t become subject to the 10-year rule until they reach the “age of majority,” which is 18 in most states. Disabled and chronically ill beneficiaries and those within 10 years of age of the original account owner have the option to stretch required withdrawals over their lifetime. Minimize Your Taxes As tempting as it might be to cash out an inherited IRA in a lump-sum withdrawal, tread carefully. This option could leave you owing a hefty sum when it’s time to fi le your taxes. Withdrawals from a traditional IRA generally are taxable as income, at your income tax rate. For some people, it can be a smart tax move to gradually draw down the account over the 10-year period to avoid a large tax bill in a single year and potentially being bumped into a high tax bracket. Or, if you’re approaching retirement, say in fi ve years, you may want to wait to start withdrawing from the account until you are retired, and your income drops potentially putting you into a lower tax bracket. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book. nior ior

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