An Act relative to certificate of deposit interest income
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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 aims to clarify the tax treatment of interest earned on certificate of deposit (CD) accounts in Massachusetts. Specifically, it seeks to establish a consistent method for calculating and reporting this interest income to the state’s Department of Revenue. The legislation intends to provide greater transparency and certainty for both taxpayers and financial institutions regarding CD interest taxation. It addresses potential ambiguities in current tax laws related to CD interest.
Key provisions
- Establishes a specific method for calculating CD interest income.
- Requires financial institutions to provide taxpayers with clear documentation of CD interest earned.
- Directs the Department of Revenue to provide guidance on CD interest taxation.
- Addresses potential inconsistencies in how CD interest is currently taxed.
- Clarifies the reporting requirements for CD interest income.
Who is affected
- Taxpayers
- Financial Institutions
- Massachusetts Residents
- Certificate of Deposit Account Holders
Bill text
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Sponsors
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3 on record
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