Massachusetts H3262 adjusts income tax rates and personal exemptions, setting a new rate and exemption for 2025 and beyond.

Massachusetts H3262 modifies income tax rates and personal exemptions. It sets a new income tax rate of 6.0% for tax years starting after January 1, 2025. The bill also establishes a personal exemption of $13,200 for the same period. For subsequent years, the personal exemption will increase by $550 if the inflation-adjusted growth in baseline taxes exceeds 2.5%. The commissioner must submit a preliminary report on the personal exemption by October 15 each year and a final statement by December 15.

Massachusetts H3262 adjusts income tax rates and personal exemptions, setting a new rate and exemption for 2025 and beyond.

Massachusetts H3262 modifies income tax rates and personal exemptions. It sets a new income tax rate of 6.0% for tax years starting after January 1, 2025. The bill also establishes a personal exemption of $13,200 for the same period. For subsequent years, the personal exemption will increase by $550 if the inflation-adjusted growth in baseline taxes exceeds 2.5%. The commissioner must submit a preliminary report on the personal exemption by October 15 each year and a final statement by December 15.