Massachusetts revenue growth met the final threshold needed to trigger a reduction in the personal income tax rate.
What Is the New Tax Rate?
The income tax rate on Part B income will drop from 5.10% to 5.05%. Part B income includes income from wages, pensions, business activities, and rents.
When Does the New Tax Rate Take Effect?
The new tax rate takes effect beginning January 1, 2019.
Press Release, Executive Office for Administration and Finance, December 14, 2018, ¶401-686