Bill > S1422

This bill proposes to reduce the income tax rate for individuals in Massachusetts. Specifically, it amends Section 4 of Chapter 62 of the General Laws, which deals with income tax rates. The key change is that "Part B taxable income," which refers to income from sources like wages, salaries, and certain business profits, will be taxed at a lower rate of 5 percent. This new rate would apply to tax years starting on or after January 1, 2014, meaning it aims to provide tax relief for taxpayers beginning with the 2014 tax year.