Payroll and Entitlements Editorial Staff
Gov. Charlie Baker announced that Massachusetts revenue met statutory benchmarks to trigger a reduction in the personal income tax rate. The income tax rate on Part B income will drop from 5.05% to 5%. Massachusetts law provides an automatic reduction of .05% in the tax rate for Part B income if revenue growth for the previous fiscal year exceeds a threshold. The law sets the minimum rate at 5%. The minimum rate will also automatically restore the Massachusetts charitable deduction effective January 1, 2021.
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