Bill > H3048

This bill modifies Section 3 of Chapter 62 of the Massachusetts General Laws by changing the interest and dividend deduction limits for state income tax purposes. Currently, the law allows a deduction of interest and dividends from savings deposits, savings accounts, shares, or share savings accounts, with different limits based on filing status. The bill increases these deduction limits, raising the amount from the existing level to $500 for single individuals, heads of household, or married persons filing separately, and to $1,000 for married couples filing jointly. This change will allow taxpayers to deduct a higher amount of interest and dividend income when calculating their Massachusetts state income tax, potentially reducing their overall tax liability. The modification aims to provide some tax relief by increasing the threshold for tax-deductible interest and dividend income from savings and investment accounts.

Budget and Finance

https://malegislature.gov/Bills/194/H3048