HOUSE DOCKET, NO. 1710        FILED ON: 1/18/2023

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2844

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Bradley H. Jones, Jr.

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to the gradual elimination of the inventory tax.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

Bradley H. Jones, Jr.

20th Middlesex

1/17/2023

Nicholas A. Boldyga

3rd Hampden

1/26/2023

Susan Williams Gifford

2nd Plymouth

1/26/2023

F. Jay Barrows

1st Bristol

1/26/2023

Marcus S. Vaughn

9th Norfolk

1/27/2023

Angelo L. D'Emilia

8th Plymouth

1/28/2023

Hannah Kane

11th Worcester

1/30/2023

Paul K. Frost

7th Worcester

1/31/2023

Kimberly N. Ferguson

1st Worcester

2/1/2023


HOUSE DOCKET, NO. 1710        FILED ON: 1/18/2023

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2844

By Representative Jones of North Reading, a petition (accompanied by bill, House, No. 2844) of Bradley H. Jones, Jr., and others relative to the gradual elimination of the inventory tax.  Revenue.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninety-Third General Court
(2023-2024)

_______________

 

An Act relative to the gradual elimination of the inventory tax.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1. Subsection (a) of section 39 of chapter 63 of the general laws, as appearing in the 2020 Official Edition, is hereby amended, in line 37, by striking the figure “$2.60” and inserting in place thereof the following figure:- $2.00.

SECTION 2. Subsection (a) of section 39 of chapter 63 of the general laws, as so appearing, is hereby amended, in line 37, by striking the figure “$2.00” and inserting in place thereof the following figure:- $1.50.

SECTION 3. Subsection (a) of section 39 of chapter 63 of the general laws, as so appearing, is hereby amended, in line 37, by striking the figure “$1.50” and inserting in place thereof the following figure:- $1.00.

SECTION 4. Subsection (a) of section 39 of chapter 63 of the general laws, as so appearing, is hereby amended, in line 37, by striking the figure “$1.00” and inserting in place thereof the following figure:- $.50.

SECTION 5. Subsection (a) of section 39 of chapter 63 of the general laws, as so appearing, is hereby amended by striking clause (1) and (2) and inserting in place thereof the following:-

“(1)(i) For tax years beginning before January 1, 2010, 9.5 per cent of its net income determined to be taxable in accordance with this chapter; (ii) for tax years beginning on or after January 1, 2010, but before January 1, 2011, 8.75 per cent of its net income determined to be taxable in accordance with this chapter; (iii) for tax years beginning on or after January 1, 2011, but before January 1, 2012, 8.25 per cent of its net income determined to be taxable in accordance with this chapter; or (iv) for tax years beginning on or after January 1, 2012, 8.0 per cent of its net income determined to be taxable in accordance with this chapter.

SECTION 6. Section 1 of this act shall be effective on January 1, 2024.

SECTION 7. Section 2 of this act shall be effective on January 1, 2025.

SECTION 8. Section 3 of this act shall be effective on January 1, 2026.

SECTION 9. Section 4 of this act shall be effective on January 1, 2027.

SECTION 10. Section 5 of this act shall be effective on January 1, 2028.