Reduces the Massachusetts state personal income tax rate from 5% to 4% over three years.

This bill proposes to lower the state personal income tax rate in Massachusetts from 5% to 4% over a three-year period. It would reduce the tax rates on interest and dividends, as well as other personal taxable income, such as wages and salaries. The tax rate would be set at 4.67% for tax year 2027, 4.33% for tax year 2028, and 4.00% beginning in tax year 2029. The bill also includes a severability clause, ensuring that if any part of the law is found invalid, the remaining provisions will remain in effect.

Reduces the Massachusetts state personal income tax rate from 5% to 4% over three years.

This bill proposes to lower the state personal income tax rate in Massachusetts from 5% to 4% over a three-year period. It would reduce the tax rates on interest and dividends, as well as other personal taxable income, such as wages and salaries. The tax rate would be set at 4.67% for tax year 2027, 4.33% for tax year 2028, and 4.00% beginning in tax year 2029. The bill also includes a severability clause, ensuring that if any part of the law is found invalid, the remaining provisions will remain in effect.