Bill > S1811

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.

Budget and Finance

https://malegislature.gov/Bills/192/S1811