Bill > S1544

This bill aims to close an unfair tax loophole by introducing a new "Investment Management Services Interest" definition and a corresponding higher tax rate on income derived from such interests. Specifically, the bill amends the Massachusetts tax code to define "Investment Management Services Interest" as any interest in a business that provides certain investment advisory and management services. The bill then establishes a 24% tax rate on income from such interests, until similar legislation is enacted at the federal level. The bill also modifies the state's "Massachusetts gross income" calculation to include this new "Part D" income category. The bill will only take effect once similar legislation is enacted by the neighboring states of Connecticut, New Jersey, and New York.

Budget and Finance

https://malegislature.gov/Bills/190/S1544