An Act establishing a tiered corporate minimum tax
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes to create a tiered corporate minimum tax system in Massachusetts. Under this system, large corporations would pay a minimum tax rate on their profits, regardless of how little tax they currently owe. The specific rates and thresholds for each tier are yet to be determined and will be subject to further discussion and potential adjustments during hearings. The goal is to ensure that profitable corporations contribute a fairer share to state revenue.
Key provisions
- Establishes a tiered corporate minimum tax.
- Requires large corporations to pay a minimum tax rate.
- The exact tax rates and thresholds are not yet defined.
- Intended to increase state revenue from corporations.
- Will be subject to further study and potential revisions.
Who is affected
- Large corporations operating in Massachusetts
- The Massachusetts state government
- Corporate taxpayers
Notable changes
- Creates a new mechanism for ensuring corporate tax payments.
- Potentially shifts the tax burden from smaller businesses to larger corporations.
Bill text
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Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Cosponsors
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