MA H1529

Bill

Relative to the taxation of unearned income

Introduced
01/23/2017

In Committee
01/23/2017

Crossed Over

Passed

Dead
12/31/2018

Introduced Session

190th General Court

Bill Summary

Relative to the taxation of unearned income. Revenue.

AI Summary

This bill amends the Massachusetts General Laws to provide an income tax exemption and adjust the tax rates on certain types of unearned income. Specifically, it allows a tax exemption of up to $2,500 for single filers or $5,000 for joint filers with total federal adjusted gross income under $40,000 or $80,000, respectively. It also sets the tax rate for capital gains, interest, and dividends at 8.95% for tax years beginning in 2016 or later, with a reduced 3% rate for certain investments in small Massachusetts corporations held for at least 3 years.

Committee Categories

Budget and Finance

Sponsors (2)

Mike Connolly (D), Jonathan Hecht (D),

Last Action

Accompanied a study order, see H4244 (on 02/22/2018)

Official Document

https://malegislature.gov/Bills/190/H1529

(15 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/190/H1529
Bill	https://malegislature.gov/Bills/190/H1529.pdf

Bill	Bill Name	Last Action	Type
H1557	To broaden eligibility for relief from disproportionate property tax burdens	No further action taken	Similar To
H1564	Relative to fairness during the phase-in of condominium development	Accompanied a study order, see H4244	Similar To
H1569	To exempt certain veterans from the state tax	Accompanied a study order, see H4244	Similar To
H1570	To insure fair taxation of affordable housing	Accompanied a study order, see H4244	Similar To
H1572	Clarifying municipalities' rights to assess real estate taxes on commercial uses in common areas of condominium complexes	Accompanied a study order, see H4244	Similar To
H1577	Relative to reducing the income tax to 5%	Accompanied a study order, see H4244	Similar To
H2241	Relative to the definition of low and moderate income housing	Accompanied a study order, see H4791	Similar To
H2242	Authorizing the Board of Appeals of the town of Wareham to include certain manufactured housing units in the determination of the percentage of low or moderate income housing units	Accompanied a study order, see H4791	Similar To
H3319	Clarifying eligibility for the earned income tax credit	Accompanied a new draft, see H3669	Similar To
H3653	Financing the production and preservation of housing for low and moderate income residents	Accompanied a new draft, see H3925	Similar To
H4120	Ensuring access to state IDs for low-income people	Accompanied a study order, see H4597	Similar To
H4244	House study order	No further action taken	Replaced by
H650	Amending the definition of "uneconomic" in Chapter 40B, so called	Accompanied a study order, see H4791	Similar To
H704	To amend Section 21, Chapter 40B of the General Laws relative to Regional Planning	Accompanied a study order, see H4791	Similar To
S2337	Ensuring access to state IDs for low-income people	Accompanied a study order, see S2436	Similar To

Bill

Bill Name

Last Action

Type

H1557

To broaden eligibility for relief from disproportionate property tax burdens

No further action taken

Similar To

H1564

Relative to fairness during the phase-in of condominium development