Rep. Rita Mendes

Maddy summaryThis bill modifies Massachusetts tax laws to ensure that money raised from the 2022 Fair Share Amendment is not counted as general state revenue. Specifically, it prevents the state from using funds generated by this constitutional amendment to offset or reduce the personal income tax liability of individual taxpayers. By legally separating these specific tax revenues from the broader definition of state income, the legislation aims to preserve the original intent of the amendment.

Maddy summaryThis bill modifies Massachusetts estate tax laws to exempt estates with a net value below two million dollars from taxation for deaths occurring after December 31, 2022. It directly affects individuals who pass away in the future with estates under this threshold, ensuring their assets are not subject to state estate tax. The key provision adds a specific exemption to the existing statute, effectively raising the minimum taxable estate amount for future decedents. This change alters the current tax structure by establishing a new floor for liability rather than adjusting tax rates or brackets.

By Representative Uyterhoeven of Somerville, a petition (accompanied by bill, House, No. 2960) of Erika Uyterhoeven and others for legislation to raise the estate tax threshold. Revenue.

Maddy summaryThis bill modifies Massachusetts corporate tax laws to increase revenue by changing how certain foreign income is treated. It requires companies to pay taxes on specific foreign earnings that are currently excluded from state taxation, while exempting a different category of foreign income from these new rules. Additionally, the legislation adjusts how corporations calculate their taxable income by removing specific federal deductions that were previously allowed. These changes apply to tax years starting on or after January 1, 2023, directly impacting businesses operating within the state.

By Representatives Barber of Somerville and Uyterhoeven of Somerville, a petition (accompanied by bill, House, No. 2708) of Christine P. Barber, Erika Uyterhoeven and others relative to further regulating the inclusion of federal gross income in the calculation of the taxation of corporations and to create progressive revenue. Revenue.

By Representative Keefe of Worcester, a petition (accompanied by bill, House, No. 2856) of Mary S. Keefe and others relative to corporate tax rates. Revenue.

By Representative Connolly of Cambridge, a petition (accompanied by bill, House, No. 2743) of Mike Connolly and others relative to establishing a tiered corporate minimum tax. Revenue.

By Representative Capano of Lynn, a petition (accompanied by bill, House, No. 2725) of Peter Capano and others relative to requiring public disclosures by publicly-traded corporate taxpayers. Revenue.

Maddy summaryThis bill amends Massachusetts corporate tax laws to increase the state excise tax rate from 9.0% to 10.5% for tax years starting on or after January 1, 2023. The legislation directly affects corporations subject to the state excise tax by raising the rate on their taxable net income. Additionally, the bill adjusts the corresponding income tax rate for corporations from 8.0% to 9.5% effective the same date. These changes reverse previous reductions in tax rates that were in place since 2012.

Maddy summaryThis Massachusetts bill establishes a tiered corporate minimum tax that requires businesses to pay a set fee based on their annual sales within the state. Companies with less than one million dollars in sales pay $456, while those with over one billion dollars in sales pay $150,000, with specific amounts set for every sales bracket in between. The tax applies to corporations operating in Massachusetts starting with tax years that begin on or after January 1, 2023.