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
Relative to the gradual elimination of the inventory tax. Revenue.
AI Summary
This bill proposes to gradually eliminate the inventory tax in Massachusetts. The key provisions are as follows:
- Section 1 reduces the inventory tax rate from $2.60 to $2.00 per $1,000 of inventory, effective January 1, 2022.
- Section 2 further reduces the rate from $2.00 to $1.50 per $1,000 of inventory, effective January 1, 2023.
- Section 3 reduces the rate from $1.50 to $1.00 per $1,000 of inventory, effective January 1, 2024.
- Section 4 reduces the rate from $1.00 to $0.50 per $1,000 of inventory, effective January 1, 2025.
- Section 5 changes the corporate income tax rate, reducing it from 9.5% to 8% over a period of several years.
The gradual elimination of the inventory tax is intended to provide relief to businesses in Massachusetts that are required to pay taxes on their inventory.
Committee Categories
Budget and Finance
Sponsors (7)
Brad Jones (R)*,
Kim Ferguson (R),
Paul Frost (R),
Susan Gifford (R),
Steven Howitt (R),
Hannah Kane (R),
Matt Muratore (R),
Last Action
Accompanied a study order, see H5200 (on 09/08/2022)
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/192/H2962 |
| Bill | https://malegislature.gov/Bills/192/H2962.pdf |
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