Aligns long-term capital gains tax rate with short-term capital gains tax rate in Massachusetts.
This bill amends the Massachusetts General Laws to align the long-term capital gains tax rate with the short-term capital gains tax rate. It introduces a new definition for "alignment surtax," a tax imposed at a rate of 3.5 percent on Part C taxable income. The bill modifies the tax code to include this alignment surtax in the calculation of gains tax rate. This change affects taxpayers with long-term capital gains in Massachusetts.
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