The State Department of Revenue (DOR) recently certified that there is insufficient tax revenue growth under the terms of a 2002 state law that would trigger a 0.05 percentage point cut in the Part B indivdual income tax rate beginning in 2013. As part of the legal process determined by the Legislature, an automatic tax cut would go into effect if the following thresholds in revenue growth were exceeded:
- Inflation-adjusted baseline revenue growth for the previous fiscal year surpassed 2.5% and,
- There was positive inflation-adjusted baseline revenue growth in each of the consecutive three-month periods starting in August and ending in November in the current calendar year compared to the same consecutive three-month periods in the previous calendar year.
DOR certified on September 6th that FY2012 inflation-adjusted baseline revenue increased 2.77% over the previous fiscal year. The agency also certified that revenue growth was 4.12% for the first growth period and 1.88% for the second growth period. However, revenue growth was negative (-1.29%) during the third period so the 5.25% Part B individual income tax rate will remain the same for 2013.
Your Mass State Taxes Made Easier posted on Mar 9
With the tax season now in full swing, there are several resources at your fingertips to make filing your taxes hassle-free. Enhanced Website Earlier this year, we launched a new DOR homepage, making it faster now to find exactly what you need to file and …Continue Reading Your Mass State Taxes Made Easier
3 Steps to Catch Up on Back MA Taxes While Avoiding Penalties posted on Mar 4
Watching a game-winning goal in overtime is as exciting as hockey gets. With DOR’s MA TAX AMNESTY 2016, you can stay out of the penalty box by paying only what you owe. Read on to find out more. What is MA TAX AMNESTY 2016? It’s …Continue Reading 3 Steps to Catch Up on Back MA Taxes While Avoiding Penalties
EITC – Helping Low and Moderate Income Families in MA posted on Jan 29
EITC, also known as the Earned Income Tax Credit, has been helping low to moderate income families in Massachusetts and across the country for over 40 years. In recent months, Governor Charlie Baker and members of the Legislature have worked hard to ensure that working …Continue Reading EITC – Helping Low and Moderate Income Families in MA