Massachusetts H3044 amends tax law to remove an exemption for 401(k) contributions through sole proprietorships.

Massachusetts H3044 modifies the state's tax code by striking out a specific subparagraph that previously exempted contributions to a 401(k) plan made through a sole proprietorship. This change affects individuals who own and operate a business as a sole proprietor and contribute to their retirement savings through a 401(k) plan. The bill aims to ensure consistent tax treatment for retirement contributions, regardless of the business structure.

Massachusetts H3044 amends tax law to remove an exemption for 401(k) contributions through sole proprietorships.

Massachusetts H3044 modifies the state's tax code by striking out a specific subparagraph that previously exempted contributions to a 401(k) plan made through a sole proprietorship. This change affects individuals who own and operate a business as a sole proprietor and contribute to their retirement savings through a 401(k) plan. The bill aims to ensure consistent tax treatment for retirement contributions, regardless of the business structure.