summary
Introduced
01/22/2019
01/22/2019
In Committee
01/22/2019
01/22/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
Relative to the calculation of the inventory tax on certain corporations. Revenue.
AI Summary
This bill gradually reduces the inventory tax rate for certain corporations in Massachusetts. Specifically, it lowers the inventory tax rate from $2.60 per $1,000 of inventory value to $2.00 in 2020, $1.50 in 2021, $1.00 in 2022, and $0.50 in 2023. Additionally, the bill reduces the corporate income tax rate from 9.5% to 8% over the same period. The changes are implemented in incremental steps, with each reduction taking effect on January 1 of the respective year.
Committee Categories
Budget and Finance
Sponsors (19)
William Crocker (R),
Josh Cutler (D),
Angelo D'Emilia (R),
David DeCoste (R),
Kim Ferguson (R),
Paul Frost (R),
Susan Gifford (R),
Bradford Hill (R),
Steven Howitt (R),
Randy Hunt (R),
Brad Jones (R),
Hannah Kane (R),
Joe McKenna (R),
Shaunna O'Connell (R),
Elizabeth Poirier (R),
Todd Smola (R),
Bruce Tarr (R),
Timothy Whelan (R),
Donald Wong (R),
Last Action
Accompanied a study order, see H5128 (on 11/19/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/191/H2516 |
| Bill | https://malegislature.gov/Bills/191/H2516.pdf |
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