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Massachusetts House Bill H2961

Massachusetts 2023-2024 Regular Session

Massachusetts House Bill H2961 Compare Versions

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22 HOUSE DOCKET, NO. 1472 FILED ON: 1/18/2023
33 HOUSE . . . . . . . . . . . . . . . No. 2961
44 The Commonwealth of Massachusetts
55 _________________
66 PRESENTED BY:
77 Erika Uyterhoeven
88 _________________
99 To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
1010 Court assembled:
1111 The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
1212 An Act relative to income tax rates.
1313 _______________
1414 PETITION OF:
1515 NAME:DISTRICT/ADDRESS :DATE ADDED:Erika Uyterhoeven27th Middlesex1/17/2023 1 of 3
1616 HOUSE DOCKET, NO. 1472 FILED ON: 1/18/2023
1717 HOUSE . . . . . . . . . . . . . . . No. 2961
1818 By Representative Uyterhoeven of Somerville, a petition (accompanied by bill, House, No.
1919 2961) of Erika Uyterhoeven relative to income tax rates. Revenue.
2020 [SIMILAR MATTER FILED IN PREVIOUS SESSION
2121 SEE HOUSE, NO. 3082 OF 2021-2022.]
2222 The Commonwealth of Massachusetts
2323 _______________
2424 In the One Hundred and Ninety-Third General Court
2525 (2023-2024)
2626 _______________
2727 An Act relative to income tax rates.
2828 Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
2929 of the same, as follows:
3030 1 SECTION 1. Section 4 of Chapter 62 of the General Laws is hereby amended by striking
3131 2lines 10 and 11, inclusive, and inserting in place thereof the following:-
3232 3 (b) Part B taxable income shall be taxed at the rate of 6.0 per cent for tax years beginning
3333 4on or after January 1, 2023.
3434 5 SECTION 2. Subparagraph (1) of paragraph (b) of part B of section 3 of chapter 62 of the
3535 6General Laws, as appearing in the 2016 Official Edition, is hereby amended by striking out
3636 7clause (A) and inserting in place thereof the following clause:-
3737 8 (A) a personal exemption of $6,600 for tax years beginning on or after January 1, 2023, 2 of 3
3838 9 For taxable years beginning on or after January 1, 2024, the personal exemption shall be:
3939 10(i) the exemption in the previous year plus $275 if the inflation-adjusted growth in baseline taxes
4040 11in the fiscal year ending the June 30 of the previous year exceeds 2.5 per cent and the inflation-
4141 12adjusted change in baseline taxes for each consecutive 3 month period reported by the
4242 13commissioner between August and December of the previous year is greater than 0; or (ii) the
4343 14personal exemption in effect for the prior year. On or before October 15 of each year, the
4444 15commissioner shall submit a report to the secretary of administration, the house and senate
4545 16committees on ways and means and the joint committee on revenue providing a preliminary
4646 17statement of the personal exemption for taxable years beginning on or after the following
4747 18January 1. On or before December 15, the commissioner shall make a final statement of the
4848 19personal exemption for the following year to the same recipients.
4949 20 SECTION 3. Subparagraph (1A) of said paragraph (b) of said part B of said section 3 of
5050 21said chapter 62, as so appearing, is hereby amended by striking out clause (A) and inserting in
5151 22place thereof the following clause:-
5252 23 (A) a personal exemption of $10,200 for tax years beginning on or after January 1, 2023,
5353 24 For taxable years beginning on or after January 1, 2024, the personal exemption shall be:
5454 25(i) the exemption in the previous year plus $425 if the inflation-adjusted growth in baseline taxes
5555 26in the fiscal year ending the June 30 of the previous year exceeds 2.5 per cent and the inflation-
5656 27adjusted change in baseline taxes for each consecutive 3 month period reported by the
5757 28commissioner between August and December of the previous year is greater than 0; or (ii) the
5858 29personal exemption in effect for the prior year. On or before October 15 of each year, the
5959 30commissioner shall submit a report to the secretary of administration, the house and senate 3 of 3
6060 31committees on ways and means and the joint committee on revenue providing a preliminary
6161 32statement of the personal exemption for taxable years beginning on or after the following
6262 33January 1. On or before December 15, the commissioner shall make a final statement of the
6363 34personal exemption for the following year to the same recipients.
6464 35 SECTION 4. Subparagraph (2) of said paragraph (b) of said part B of said section 3 of
6565 36said chapter 62, as so appearing, is hereby amended by striking out clause (A) and inserting in
6666 37place thereof the following clause:-
6767 38 (A) a personal exemption of $13,200 for tax years beginning on or after January 1, 2023,
6868 39 For taxable years beginning on or after January 1, 2024, the personal exemption shall be:
6969 40(i) the exemption in the previous year plus $550 if the inflation-adjusted growth in baseline taxes
7070 41in the fiscal year ending the June 30 of the previous year exceeds 2.5 per cent and the inflation-
7171 42adjusted change in baseline taxes for each consecutive 3 month period reported by the
7272 43commissioner between August and December of the previous year is greater than 0; or (ii) the
7373 44personal exemption in effect for the prior year. On or before October 15 of each year, the
7474 45commissioner shall submit a report to the secretary of administration, the house and senate
7575 46committees on ways and means and the joint committee on revenue providing a preliminary
7676 47statement of the personal exemption for taxable years beginning on or after the following
7777 48January 1. On or before December 15, the commissioner shall make a final statement of the
7878 49personal exemption for the following year to the same recipients.