Budget Amendment ID: FY2022-S3-740

ECO 740

COVID-19 Solvency Assessment Cap

Ms. Moran, Messrs. Tarr and O'Connor moved that the proposed new text be amended by inserting after section __ the following new section:-

"SECTION __. Subsection 14 of Chapter 151A of the General Laws is hereby amended by inserting the following:-

(8) In order to address disruptions caused by the outbreak of the 2019 coronavirus, also known as COVID-19, and the effects of the governor’s March 10, 2020 declaration of the state of emergency, there shall be no solvency assessment greater than 5 percent for employers with 251 to 500 employees, 2.5 percent for employers with 100 to 250 employees, 2 percent for employers with 20 to 99 employees, and 1 percent for employers with 19 or fewer employees during the aforementioned state of emergency. This cap shall be retroactive to the March 10, 2020. For employers eligible for relief under this subsection who have already paid an assessment amount based on the increase solvency assessment assigned in April 2021, the employer or business shall be eligible for a return equal to any excess payment made related to the solvency assessment in the subsequent tax year."