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.
Job Fair Ahead — Mark Your Calendar! posted on Sep 24
FYI– We’re holding a DOR Career Fair Oct. 7th from 6-8:30pm. 100 Cambridge St, Boston. More info to come!
Mission Accomplished posted on Sep 15
They are two dogs with a very unique trick. Meet Fillmore and Max, a canine pair trained specifically to sniff out tobacco. The Massachusetts Department of Revenue recently teamed up with Altria representatives and their tobacco sniffing dogs for a two-day tobacco drive in an …Continue Reading Mission Accomplished
It’s All About Plain Talk posted on Aug 13
Commissioner Amy Pitter wants to be sure that the information going out of DOR to taxpayers is clear and concise. If you received a bill, form or notice from the Department of Revenue and are having trouble understanding what actions you need to take, tell …Continue Reading It’s All About Plain Talk