Bill > H3145

This bill proposes a gradual elimination of the inventory tax by systematically reducing the tax rate over several years. Specifically, the bill modifies subsection (a) of section 39 of chapter 63 of the general laws, reducing the tax figure from $2.60 to $2.00 in 2026, then to $1.50 in 2027, $1.00 in 2028, and finally to $0.50 in 2029. Additionally, the bill adjusts the corporate tax rates over different tax years: for tax years before January 1, 2020, the rate was 9.5%; from January 1, 2010 to January 1, 2021, it was 8.75%; from January 1, 2021 to January 1, 2022, it was 8.25%; and from January 1, 2022 onwards, it is 8.0%. The final section of the bill specifies that each tax rate reduction will take effect on January 1st of its respective year, with the last change scheduled for January 1, 2030. This phased approach allows businesses and the state's financial systems to gradually adapt to the changing tax structure.

Budget and Finance

https://malegislature.gov/Bills/194/H3145