By Representative O'Day of West Boylston, a petition (accompanied by bill, House, No. 2908) of James J. O'Day and others relative to excluding certain income from the calculation of the tax on incomes in excess of one million dollars. Revenue.
By Representative Philips of Sharon, a petition (accompanied by bill, House, No. 2922) of Edward R. Philips and others relative to deeds excise receipts. Revenue.
Maddy summaryThis bill allows specific Massachusetts counties to keep a portion of the money collected from property deed transfer taxes. Under the new rules, Bristol, Dukes, Nantucket, Norfolk, and Plymouth counties will retain 20 percent of these receipts, while Barnstable County will keep 7.5 percent, starting July 1, 2023. The funds collected by these counties must be placed into their general funds and can be used to cover local operating costs or saved for future expenses. This change applies to all deed excise receipts generated on or after the specified start date.
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.
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.
