Bill > H4074

This bill proposes several changes to Massachusetts tax laws to raise new revenue. Key provisions include: 1. Increasing the threshold for transferring capital gains tax revenue above $1.9 billion per year, with 90% going to the Commonwealth Stabilization Fund, 5% to the State Retiree Benefits Trust Fund, and 5% to the Commonwealth's Pension Liability Fund. 2. Allowing certain taxpayers to claim personal exemptions on their Part A (interest and dividends) and Part C (business and other) income, with higher exemptions for low-income, elderly, and disabled taxpayers. 3. Increasing the tax rate on Part A and Part C taxable income from 5.05% to 8.95%, except for certain qualifying small business investments which will be taxed at 3%. 4. Increasing the minimum corporate excise tax based on a company's total sales in Massachusetts, ranging from $456 to $150,000. 5. Imposing a 2% real estate transfer tax on transactions over $2 million and a 5% tax on transactions over $5 million. 6. Revising the Massachusetts estate tax rates, which can be up to 32% on estates over $4 million.

Budget and Finance

https://malegislature.gov/Bills/192/H4074