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.
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