Massachusetts H3145 proposes a gradual reduction in the inventory tax rate over several years.

Massachusetts H3145 aims to gradually eliminate the inventory tax by reducing the tax rate incrementally over several years. The bill amends the tax rate from $2.60 to $2.00, then to $1.50, $1.00, and finally $.50. Additionally, it adjusts the tax percentage on net income from 9.5% to 8.0% over the same period. These changes are set to take effect starting January 1, 2026, and continue annually until January 1, 2030.

Massachusetts H3145 proposes a gradual reduction in the inventory tax rate over several years.

Massachusetts H3145 aims to gradually eliminate the inventory tax by reducing the tax rate incrementally over several years. The bill amends the tax rate from $2.60 to $2.00, then to $1.50, $1.00, and finally $.50. Additionally, it adjusts the tax percentage on net income from 9.5% to 8.0% over the same period. These changes are set to take effect starting January 1, 2026, and continue annually until January 1, 2030.