Bill > S1452

This bill proposes changes to Massachusetts tax laws, primarily by increasing personal income tax exemptions and adjusting tax rates for different types of income. Specifically, it raises the personal exemption amounts for tax years beginning on or after January 1, 2016, and introduces a new exemption for individuals aged 65 or older or those with disabilities, with the amount varying based on income and filing status. The bill also revises tax rates, setting Part A (capital gains and interest/dividends) and Part C (other income) taxable income at 8.95%, while Part B (wages and salaries) taxable income will be taxed at 5.95%, both for tax years beginning on or after January 1, 2016. A notable exception is made for certain investments in qualified small businesses, which may be taxed at a lower rate of 3% under specific conditions related to the company's domicile, assets, and the holding period of the investment.