summary
Introduced
02/16/2023
02/16/2023
In Committee
02/16/2023
02/16/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
193rd General Court
Bill Summary
For legislation to promote sustainable economic development throughout Massachusetts. Revenue.
AI Summary
This bill aims to promote sustainable economic development throughout Massachusetts by amending the state's tax laws. The key provisions include changes to the apportionment formula for financial institutions and other businesses, shifting the weights of the property, payroll, and sales factors used to determine taxable income. The bill also introduces a new provision to apportion income from mutual fund sales based on the location of the shareholders. These changes to the tax code are phased in over several years, with some provisions taking effect in 2025 and others in 2026.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Accompanied a study order, see H4720 (on 06/12/2024)
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/193/S1803 |
| BillText | https://malegislature.gov/Bills/193/S1803.pdf |
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