summary
Introduced
01/23/2017
01/23/2017
In Committee
01/23/2017
01/23/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
190th General Court
Bill Summary
Relative to the calculation of the inventory tax on certain corporations. Revenue.
AI Summary
This bill aims to gradually eliminate the inventory tax on certain corporations. The key provisions include:
1. Reducing the tax rate on the net income of corporations from $2.60 to $2.00 per $1,000 of net income on January 1, 2018, followed by further reductions to $1.50 in 2019, $1.00 in 2020, and $0.50 in 2021.
2. Modifying the tax rate on net income, starting at 9.5% for tax years before 2010 and gradually reducing it to 8% for tax years beginning on or after January 1, 2012.
3. The effective dates for the various sections of the bill are staggered, with the first section taking effect on January 1, 2018, and the final section on January 1, 2022, effectively phasing out the inventory tax over a 5-year period.
Committee Categories
Budget and Finance
Sponsors (17)
Jay Barrows (R),
Donnie Berthiaume (R),
Nick Boldyga (R),
Josh Cutler (D),
Angelo D'Emilia (R),
Kim Ferguson (R),
Paul Frost (R),
Susan Gifford (R),
Sheila Harrington (R),
Steven Howitt (R),
Randy Hunt (R),
Brad Jones (R),
Hannah Kane (R),
Dave Muradian (R),
Shaunna O'Connell (R),
Todd Smola (R),
Timothy Whelan (R),
Last Action
Accompanied a study order, see H4244 (on 02/22/2018)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/190/H2604 |
| Bill | https://malegislature.gov/Bills/190/H2604.pdf |
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