Bill > H4271

This bill allows municipalities in Massachusetts to assess local taxes based on personal or business income instead of local real property taxes. The key provisions include: (1) defining terms such as "Commercial and Industrial Evaluation (CIE)", "Commercial and Industrial Levy (CIL)", "Resident Levy (RL)", and "Total Resident Evaluation (TRE)"; (2) requiring municipalities to hold classification hearings to determine the proportion of their tax levy requirements for RL and CIL; (3) calculating the income-based tax rate for residents by dividing the RL from the TRE; (4) calculating the income-based tax rate for businesses by dividing the CIL from the CIE; (5) levying taxes on residents equal to their personal income multiplied by the income-based residents tax rate; and (6) levying taxes on businesses equal to the income-based commercial and industrial tax rate multiplied by their reported business income.

Budget and Finance

https://malegislature.gov/Bills/193/H4271