Every quarter AIRINC provide data points update on our cost-of-living research including housing, goods & services, tax and research locations.

The U.S. Treasury Department recently announced that the U.S.A./Hungary Income Tax Treaty (in force since 1979) is officially terminated, effective January 8, 2023.

With the calendar turning to November, the Halloween decorations are being replaced with ballot boxes.

On August 24, 2022, President Biden announced an executive order to forgive between $10,000 and $20,000 of federal student loan debt.

On Tuesday, August 16, President Joe Biden signed into law the Inflation Reduction Act (IRA), a $750 billion budget reconciliation package.

According to this year’s MOS survey, 68% of companies report having an international One-Way Transfer (OWT) policy—the 3rd most common policy after Long-Term and Short-Term.

On December 31, 2021, the Chinese Ministry of Commerce and State Taxation Administration jointly announced the extension of the preferential income tax treatment on expatriate fringe benefits through 2023.

On August 10th, the U.S. Senate passed HR 3684, “Infrastructure Investment and Jobs Act”, a $1 trillion bipartisan bill (69-30 Senate vote), clearing the way for a $3.5 trillion budget resolution that would allow Democrats to achieve their tax agenda with only their razor-thin Senate majority, bypassing the 60-vote procedural obstacle. The bipartisan bill will inject large federal spending on transportation, high-speed internet, clean energy, water, and environment.  

Massachusetts, like many other states across the United States, has declared a state of emergency in regards to the COVID-19 pandemic. Typical components include mandatory social distancing, travel restrictions, and many other precautions. Concurrently, many Massachusetts businesses have adopted remote working arrangements as a measure to adhere to these precautions, and provide employee flexibility and safety.

On March 11th, President Biden signed the American Rescue Plan Act (ARPA) of 2021, representing a $1.9 trillion tax and spending package targeted towards economic recovery and health impacts of the coronavirus pandemic. The new law, supported and fast-tracked by Congressional Democrats and the White House, contains a wide array of provisions. Among those relevant to individuals, ARPA provides another round of direct stimulus payments to eligible taxpayers, temporarily increases several low and middle income tax credits, includes significant state and local assistance, funds vaccine production and distribution, and extends the federal supplement to state unemployment benefits through September 6, 2021.