summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
For legislation to invest in our communities and tax exemptions. Revenue.
AI Summary
This bill proposes to invest in communities by making changes to the Massachusetts tax code. The key provisions include:
1. Increasing personal exemption amounts for individual and married taxpayers starting in 2022, with higher exemptions for those aged 65 or older or with disabilities who have lower incomes.
2. Decreasing the tax rates on different types of income, such as reducing the capital gains tax rate to 8.95% and the tax on interest and dividends to 5.95% for tax years starting in 2022. The bill also provides a 3% tax rate on certain investments in smaller Massachusetts-based companies held for at least 3 years.
These changes are intended to provide tax relief and incentives to support individuals, families, and businesses in Massachusetts communities.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Accompanied a study order, see H5247 (on 09/26/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://malegislature.gov/Bills/192/S1811 |
Bill | https://malegislature.gov/Bills/192/S1811.pdf |
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