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 House
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes to equalize the capital gains tax rate in Massachusetts between short-term and long-term investments. Currently, there’s a distinction in how these gains are taxed, with short-term gains taxed at ordinary income rates and long-term gains taxed at a lower rate. This legislation aims to simplify the tax system by applying the same rate to all capital gains.
Key provisions
- Equalizes the capital gains tax rate for short-term and long-term investments.
- Applies the same tax rate to profits from the sale of stocks, bonds, and other assets, regardless of how long the asset was held.
- This change would affect individuals who realize capital gains from investments.
Who is affected
- Individual investors
- Taxpayers who sell investments
- The Massachusetts Department of Revenue
Notable changes
- Currently, long-term capital gains are taxed at a lower rate than short-term gains.
- This bill would eliminate this differential.
Bill text
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Sponsors
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2 on record
Primary sponsor
Cosponsor
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