Massachusetts S2043 amends the tax code to increase thresholds for small business tax receipts.

Massachusetts S2043 modifies the tax code to raise the total receipts thresholds for small businesses from $6,000,000 to $12,000,000 and from $9,000,000 to $18,000,000. These new thresholds will adjust annually based on the Consumer Price Index from the federal Bureau of Labor Statistics, ensuring they keep pace with inflation. This change aims to provide relief to small businesses by potentially reducing their tax liabilities.

Massachusetts S2043 amends the tax code to increase thresholds for small business tax receipts.

Massachusetts S2043 modifies the tax code to raise the total receipts thresholds for small businesses from $6,000,000 to $12,000,000 and from $9,000,000 to $18,000,000. These new thresholds will adjust annually based on the Consumer Price Index from the federal Bureau of Labor Statistics, ensuring they keep pace with inflation. This change aims to provide relief to small businesses by potentially reducing their tax liabilities.