Loading chat...
MA S1974
Bill
Status
2/27/2025
Primary Sponsor
James Eldridge
Click for details
AI Summary
-
Creates a new "alignment surtax" of 3.5% on Part C taxable income (long-term capital gains) to bring the long-term capital gains tax rate in line with the short-term rate
-
Amends Chapter 62 of the General Laws to add the alignment surtax definition and apply it to income tax calculations
-
Directs revenue from the alignment surtax to be deposited in accordance with Section 5G of Chapter 29, alongside the existing millionaire's surtax established in 2023
-
Filed by Senator James B. Eldridge (Middlesex and Worcester) on January 16, 2025, and referred to the Revenue Committee
Legislative Description
Aligning the long-term capital gains tax rate with the short-term capital gains tax rate
Last Action
Hearing rescheduled to 10/03/2025 from 10:00 AM-12:35 PM in Gardner Auditorium Hearing updated to New End Time
10/3/2025