The CEOs of 28 state CPA societies have sent a letter to congressional leadership urging them to pass legislation that would close a projected collective budget gap of $555 billion that states and local governments face in this fiscal year and the following two years.
This response stems from the impact COVID-19 has left on legislators and local officials in states and municipalities across the United States, who are dealing with crippling budget shortfalls to close this fiscal year and limited resources to craft 2021 budgets.
Amy Pitter, president and CEO of the Massachusetts Society of Certified Public Accountants led the charge and recruited state society leaders to support this effort and work together to find a solution, so legislators won’t have to resort to tax increases and cuts to important state programs. Together, the group represents nearly 280,000 CPAs from across the country.
“The Society is proud to lead the way by working with our partners to make an impact with elected officials in Massachusetts and in Congress,” said Pitter. “We are hopeful that funding for state and local governments will be included in the next round of federal relief assistances.”
Pitter and her colleagues stated that without the promise of federal relief, tax increases on already burdened taxpayers and cuts to critical state and local programs are all but inevitable. Citing their tax and financial expertise and the millions of individuals, small businesses and thousands of local and county governments and others whom they represent, the state society leaders affirmed that CPAs stand ready to assist in rebuilding our economies and stabilize our country.