An Act aligning the long-term capital gains tax rate with the short-term capital gains tax rate
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill proposes to equalize the capital gains tax rates in Massachusetts. Currently, a distinction exists between short-term and long-term capital gains, with the latter taxed at a lower rate. This legislation aims to eliminate this difference, applying the same tax rate to both types of gains.
Key provisions
- Eliminates the differential tax rate between short-term and long-term capital gains.
- Applies a single capital gains tax rate to all realized gains.
- This change would affect investment income and returns for Massachusetts residents.
- The bill was referred to the Joint Committee on Revenue for review.
Who is affected
- Massachusetts residents
- Investors
- Taxpayers
- Financial institutions
Notable changes
- Changes the current tax structure for capital gains.
- Aligns Massachusetts’ capital gains tax rate with other states.
- Potentially simplifies the tax code for investors.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
James B. Eldridge
Cosponsor
James B. Eldridge
Arguments
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