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Bill > H2908

MA H2908

MA H2908
To protect the intent of the Fair Share Amendment

summary

Introduced
02/16/2023
In Committee
02/16/2023
Crossed Over
Passed
Dead
12/31/2024

Introduced Session

193rd General Court

Bill Summary

Relative to excluding certain income from the calculation of the tax on incomes in excess of one million dollars. Revenue.

AI Summary

This bill aims to protect the intent of the Fair Share Amendment, which was adopted by Massachusetts voters in the 2022 general election. The key provisions of the bill are: 1. Excluding revenues attributable to the Fair Share Amendment from the calculation of the tax on incomes in excess of one million dollars under Section 5G of Chapter 29 of the General Laws. 2. Including the additional revenues attributable to the Fair Share Amendment in the definition of "State Tax Revenues" under Section 2 of Chapter 62F of the General Laws. 3. Excluding the liability imposed by the Fair Share Amendment from the calculation of a taxpayer's personal income tax liability under Section 6 of Chapter 62F of the General Laws. The purpose of these changes is to ensure that the revenue generated by the Fair Share Amendment, which imposes an additional 4% tax on incomes over $1 million, is not counted towards the state's existing tax revenue limits or used to offset other tax liabilities.

Committee Categories

Budget and Finance

Sponsors (50)

Jim O'Day (D)*,  James Arena-Derosa (D),  Jenny Armini (D),  Shirley Arriaga (D),  Christine Barber (D),  John Barrett (D),  Michael Brady (D),  Tony Cabral (D),  Pete Capano (D),  Mike Connolly (D),  Manny Cruz (D),  Carol Doherty (D),  Mindy Domb (D),  Dan Donahue (D),  Michelle DuBois (D),  Pat Duffy (D),  Jamie Eldridge (D),  Rodney Elliott (D),  Chris Flanagan (D),  Sean Garballey (D),  Carmine Gentile (D),  Carlos González (D),  Ryan Hamilton (D),  Jim Hawkins (D),  Natalie Higgins (D),  Mary Keefe (D),  Kay Khan (D),  David LeBoeuf (D),  Jack Lewis (D),  Jason Lewis (D),  Jay Livingstone (D),  Paul McMurtry (D),  Rita Mendes (D),  Rady Mom (D),  Sam Montaño (D),  Brian Murray (D),  Tram Nguyen (D),  Steve Owens (D),  Ted Philips (D),  Smitty Pignatelli (D),  Becca Rausch (D),  Dave Robertson (D),  Lindsay Sabadosa (D),  Jon Santiago (D),  Margaret Scarsdale (D),  Dan Sena (D),  Tom Stanley (D),  Erika Uyterhoeven (D),  Tommy Vitolo (D),  Bud Williams (D), 

Last Action

Accompanied a study order, see H4721 (on 06/13/2024)
(3 Companion Bills)

bill text

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Document Type Source Location
State Bill Page https://malegislature.gov/Bills/193/H2908
BillText https://malegislature.gov/Bills/193/H2908.pdf
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