North Adams gets $500,000 from State for Dam Improvements

02:05PM / Friday, September 09, 2022Print Story | Email Story

NORTH ADAMS, Mass. — The city will receive $500,000 from the state for improvements to the Mount Williams and Notch Reservoir Dams.

The funding comes as the Baker-Polito Administration announced approximately $19.2 million in grants through the Executive Office of Energy and Environmental Affairs’ (EEA) Dam and Seawall Program this week, continuing efforts to address failing dams and strengthen coastal infrastructure.

"As we continue to witness the impacts of climate change on the Commonwealth, it is important that we work to address the state’s aging infrastructure, such as dams, seawalls, and other structures," said Gov. Charlie Baker. "By investing in these types of critical structures, we will make Massachusetts communities more resilient to withstand stronger storm events and other impacts and ensure better safety and performance for years to come."

This funding will support 23 municipalities and nonprofit organizations as they seek to advance 26 critical infrastructure projects within their communities.

"Our Administration is proud to assist our municipal partners as they work to address failing dams and seawalls, which can be a costly endeavor that puts a significant financial strain on local budgets," said Lt. Gov. Karyn Polito. "Through our continued partnership, we will be able to make critical repairs and other necessary work to improve important infrastructure and make our communities more resilient to climate change."

Grants are awarded to advance designs and permits, as well as to construct the projects. This round of grants will support 15 design and permitting projects and 11 construction projects. With these new grants, EEA’s Dam and Seawall Program has now made over $114 million in total grants and loans to address deficient dams, seawalls, and levees since the program began in 2013.

"The Baker-Polito Administration has made tremendous progress in addressing dams, seawalls, and levees by investing more than $100 million in funds to cities and towns since 2015," said Energy and Environmental Affairs Secretary Beth Card. "Many of these structures were never intended to withstand the conditions we experience today, such as more intense storms and rising sea levels, requiring us to act now to implement resilient solutions to better protect our communities from future events and issues."

"The reality of rising sea levels and the increased risk of flooding in Massachusetts prompted the legislature to create the Dam and Seawall Repair or Removal Fund," said Senate President Karen E. Spilka (D-Ashland). "Seawall and dam infrastructure is critical for safeguarding the wellbeing of communities throughout the Commonwealth. Even in-land communities, like Hopkinton in MetroWest, will benefit from restored functioning and heightened protections against flooding from nearby lakes and waterways."

"As we work together to build a greener and more resilient Commonwealth, I want to applaud the Baker-Polito Administration for working with us in the Legislature to combat climate change and meet critical environmental infrastructure needs," said Senator Michael J. Rodrigues, Chair of the Senate Committee on Ways and Means (D-Westport). "Because of our enduring partnership, we have made incredible progress, working together to invest over $100 million since 2015 to repair and bolster our dams, seawalls and other coastal infrastructure necessary to better protect our communities and confront the impacts of climate change for many years to come."

"Our coastal infrastructure is key to keeping our communities safe from the impacts of severe weather," said State Senator Patrick O’Connor (R-Weymouth). "With hundreds of miles of coastline to protect on the South Shore, today’s announcement of over $10 million to construct and design seawalls in the district is a significant step forward. I am deeply appreciative of the Baker-Polito Administration for their investment in the South Shore."

"Thank you to the Baker-Polito administration for this allocation of funding," said Representative Patricia Haddad (D-Somerset). "My communities of Somerset and Swansea will use this money to improve aging infrastructure that help protect our homes and businesses from the devastating effects of flooding."

"Global heating is affecting our infrastructure and we must plan now for even greater changes in the future," said Representative Paul A. Schmid III (D-Westport). "Fall River thanks the Baker-Polito Administration for this award which will help improve the Sawdy Pond Dam."

For more information regarding EEA’s Dam and Seawall Repair or Removal Program, please visit the program’s webpage.

Tags: state aid,

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How is your retirement income taxed?

03:55PM / Tuesday, May 21, 2024

Once you're retired, you will likely need to draw on several types of income for your living expenses. You'll need to know where these funds are coming from and how much you can count on, but you should also be aware of how this money is taxed — because this knowledge can help you plan and budget for your retirement years.

Here's the basic tax information on some key sources of retirement income:

Social Security – Many people don't realize they may have to pay taxes on their Social Security benefits. Whether your benefits will be taxed depends on how much other taxable income you receive from various sources, such as self-employment, stock dividends and interest payments. You'll want to check with your tax advisor to determine whether your income reaches the threshold where your Social Security benefits will be taxed. The lower your total taxable income, the lower the taxes will be on your benefits. The Social Security Administration will not automatically take out taxes from your monthly checks — to have taxes withheld, you will need to fill out Form W-4V (Voluntary Withholding Request). Again, your tax advisor can help you determine the percentage of your benefits you should withhold.
Retirement accounts – During your working years, you may have contributed to two basic retirement accounts: an IRA and a 401(k) or similar plan (such as a 457(b) plan for state and local government employees or a 403(b) plan for educators and employees of some nonprofits). If you invested in a “traditional” IRA or 401(k) or similar plan, your contributions may have been partially or completely deductible and your earnings grew on a tax-deferred basis. But when you start taking withdrawals from your traditional IRA or 401(k), the money is considered taxable at your normal income tax rate. However, if you chose the "Roth" option (when available), your contributions were not deductible, but your earnings and withdrawals are tax-free, provided you meet certain conditions.
Annuities – Many investors use annuities to supplement their retirement income. An annuity is essentially a contract between you and an insurance company in which the insurer pays you an income stream for a given number of years, or for life, in exchange for the premiums you paid. You typically purchase a “qualified” annuity with pre-tax dollars, possibly within a traditional IRA or 401(k), so your premiums may be deductible, and your earnings can grow tax deferred. Once you start taking payouts, the entire amount — your contributions and earnings — are taxable at your individual tax rate. On the other hand, you purchase “non-qualified” annuities with after-tax dollars, so your premiums aren't deductible, but just like qualified annuities, your earnings grow on a tax-deferred basis. When you take payments, you won't pay taxes on the principal amounts you invested but the earnings will be taxed as ordinary income.

We've looked at some general rules governing different sources of income, but you should consult your tax professional about your specific situation. Ultimately, factors such as your goals, lifestyle and time horizon should drive the decisions you make for your retirement income. Nonetheless, you may want to look for ways to control the taxes that result from your various income pools. And the more you know about how your income is taxed, the fewer unpleasant surprises you may experience.

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