Bill > S740

This bill proposes an amendment to Section 71 of Chapter 171 of the Massachusetts General Laws that would exempt interest income earned from certificates of deposit (CDs) at Massachusetts banks from state income tax requirements under Chapter 62. In practical terms, this means that residents of Massachusetts would not have to pay state income tax on interest they earn from CDs held at local banks. The bill aims to provide a tax benefit to individuals who invest in certificates of deposit at banks within the state, potentially making such investments more attractive and supporting local financial institutions. By specifically stating "notwithstanding any general or special law to the contrary," the bill emphasizes that this tax exemption would override any existing contradictory provisions in current Massachusetts law.

Business and Industry

https://malegislature.gov/Bills/194/S740