Marcum LLP
BLOG
Home | Offices | (855) MARCUM1

Insights & Alerts
As Seen In
Press Releases
Events
Publications
The Marcum Advisor
Beyond the Numbers
SEC Insights
Forensic Files
Private Investment Forum
International Tax

Insights & Alerts
January 10, 2012

Massachusetts Tax Rate Change

On January 3, 2012, The Massachusetts Department of Revenue provided notice that the personal income tax rate will be decreasing from 5.3% to 5.25% effective January 1, 2012.

The Massachusetts personal income statutes contain a section that triggers an automatic reduction in the income tax rate if certain economic thresholds have been met. The thresholds related to revenue growth from year to year with a minimum level target. Once these factors are met, the rate automatically reduces without any further legislative action.

This tax rate change affects ordinary income, interest and dividends and most long term capital gains. These items of income will now be taxed at the new rate of 5.25%. The tax on short-term capital gains and long term gains on the sale of collectables remains at 12%.

Go Back
Social Media

 

Resources
Need a quote for a story? Working on an article and need a resource?
Please use the information below:

Firm Standards
Management
Contact Us

Request More Information
Chris Pelosi
Director of Online Marketing
chris.pelosi@marcumllp.com

 

 
Privacy | Legal | Sitemap | Secure Mail