Bill > H2610

This bill proposes several changes to income and corporate taxes in Massachusetts. It would provide a tax exemption of up to $2,500 for single filers or $5,000 for joint filers aged 65 or older or with disabilities, whose total federal adjusted gross income is below $40,000 or $80,000, respectively. It would also increase the tax rate on Part A (interest and dividends) and Part C (other income) taxable income from 5.1% to 8.95%, except for investments in certain small Massachusetts-based corporations, which would be taxed at 3%. Additionally, the bill establishes a tiered minimum corporate tax structure based on a company's total sales in the state, ranging from $456 for sales under $500,000 to $200,000 for sales of $1 billion or more. These changes are intended to create more equitable and progressive revenue sources.

Budget and Finance

https://malegislature.gov/Bills/191/H2610