S740
An Act relative to certificate of deposit interest income
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill aims to clarify how interest earned on certificate of deposit (CD) accounts is treated for state tax purposes in Massachusetts. Currently, there’s some uncertainty about whether this interest income should be subject to state income tax. The bill seeks to establish a clear rule stating that interest earned on CD accounts is taxable income for Massachusetts residents. It intends to provide greater transparency and predictability for both taxpayers and the state’s Department of Revenue.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Ryan C. Fattman
Cosponsors
Bruce E. Tarr
Ryan C. Fattman
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