MA S1496

Bill

MA S1496

To invest in our communities

Introduced
01/23/2017

In Committee
01/23/2017

Crossed Over

Passed

Dead
12/31/2018

Introduced Session

190th General Court

Bill Summary

For legislation to invest in our communities and tax exemptions. Revenue.

AI Summary

This bill amends the Massachusetts General Laws to increase personal income tax exemptions and adjust tax rates. It raises the personal exemption amounts for single, head of household, and married filing jointly taxpayers for tax years beginning on or after January 1, 2018. It also provides additional exemptions for taxpayers aged 65 or older or those who are disabled, with income limits. The bill further adjusts the tax rates for Part A (capital gains and interest/dividends), Part B, and Part C (other income) taxable income, including a lower 3% rate for certain investments in small, newly incorporated Massachusetts businesses held for 3 years or more.

Committee Categories

Budget and Finance

Sponsors (4)

Sonia Chang-Díaz (D), Jamie Eldridge (D), Mary Keefe (D), Kay Khan (D),

Last Action

Accompanied a study order, see S2497 (on 04/30/2018)

Official Document

https://malegislature.gov/Bills/190/S1496

(9 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/190/S1496
Bill	https://malegislature.gov/Bills/190/S1496.pdf

Bill	Bill Name	Last Action	Type
H1470	Relative to the deduction of health insurance payments from gross income for self employed individuals	Accompanied a study order, see H4244	Similar To
H1535	Providing tax relief for rent-burdened individuals and families	Accompanied a new draft, see H3857	Similar To
H1579	Relative to employer student loan contribution	Accompanied a study order, see H4244	Similar To
H3348	To provide a tax deduction for charitable donations of food by farmers	Accompanied a study order, see H4244	Similar To
S1511	To promote high-impact community investment	Accompanied a new draft, see H3853	Similar To
S1524	Relative to graduate student loan deductions	Accompanied a study order, see S2497	Similar To
S1540	Relative to gun safe tax deductions	Accompanied a study order, see S2497	Similar To
S1667	Relative to tax deductions for contributions to college savings plans	Accompanied a study order, see S2497	Similar To
S2497	Order relative to authorizing the joint committee on Revenue to make an investigation and study of certain current Senate documents relative to revenue matters	Reported (in part) by S1507	Replaced by

Bill > S1496

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (4)

Last Action

Official Document

bill text

bill summary

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