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MA S10

Proposal for an initiative amendment to the Constitution to provide resources for education and transportation through an additional tax on incomes in excess of one million dollars


summary

Introduced
05/08/2017
In Committee
Crossed Over
Passed
Dead
12/31/2018

Introduced Session

190th General Court

Bill Summary

Senate, -- Taken from the files of the preceding General Court, by order of the Senate, the following proposal received the affirmative votes of a majority of all members elected to the preceding General Court (see House, No. 3933 of 2016)

AI Summary

This bill proposes a constitutional amendment to establish an additional 4% state income tax on the portion of annual taxable income exceeding $1 million. The income threshold would be adjusted annually to account for increases in the cost of living, similar to the method used for federal income tax brackets. The revenue generated from this tax would be used, subject to appropriation by the state legislature, solely for funding public education, public colleges and universities, and the repair and maintenance of roads, bridges, and public transportation. The proposed amendment would apply to tax years beginning on or after January 1, 2019.

Sponsors (0)

No sponsors listed

Last Action

Amendment again agreed to -- see Senate Roll Call #47 [YEAS 29 - NAYS 7] see House Roll Call #67 [YEAS 105 - NAYS 48] (on 06/14/2017)

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