Bill > H3888

This bill proposes several changes to Massachusetts tax laws to raise new revenue. Key provisions include: 1. Requiring that capital gains tax revenue exceeding $1.5 billion per year (adjusted for GDP growth) be transferred to the Commonwealth Stabilization Fund. 2. Providing tax deductions for elderly/disabled individuals with low federal adjusted gross income. 3. Increasing the state income tax rate from 5.95% to 8.95% on certain income. 4. Increasing the Massachusetts estate tax rates, with a top rate of 32% on estates over $4 million. 5. Increasing the real estate transfer tax to 2% for transactions between $2-5 million and 5% for transactions over $5 million. The overall aim of the bill is to generate additional tax revenue through various means, with a focus on higher-income individuals and larger business/estate transactions.

Budget and Finance

https://malegislature.gov/Bills/191/H3888