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
Relative to the gradual elimination of the inventory tax. Revenue.
AI Summary
This bill proposes the gradual elimination of the inventory tax in Massachusetts. It does this by amending the state's corporate excise tax law (Chapter 63 of the General Laws) to reduce the tax rate on inventory from $2.60 per $1,000 of inventory value in 2024 to $0.50 per $1,000 by 2027. Additionally, the bill reduces the corporate excise tax rate from 9.5% to 8% over the same time period. The specific changes are phased in over a 5-year period, with each section of the bill taking effect on January 1st of the corresponding year from 2024 to 2028.
Committee Categories
Budget and Finance
Sponsors (9)
Brad Jones (R)*,
Jay Barrows (R),
Nick Boldyga (R),
Angelo D'Emilia (R),
Kim Ferguson (R),
Paul Frost (R),
Susan Gifford (R),
Hannah Kane (R),
Marcus Vaughn (R),
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/H2844 |
| BillText | https://malegislature.gov/Bills/193/H2844.pdf |
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