HOUSE DOCKET, NO. 1326        FILED ON: 1/14/2025

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No.         

The Commonwealth of Massachusetts

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PRESENTED BY:

Bradley H. Jones, Jr.

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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.

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PETITION OF:

HOUSE DOCKET, NO. 1326        FILED ON: 1/14/2025

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No.         

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 2844 OF 2023-2024.]

The Commonwealth of Massachusetts

_______________

In the One Hundred and Ninety-Fourth General Court
(2025-2026)

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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 2022 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, 2020, 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, 2021, 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, 2021, but before January 1, 2022, 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, 2022, 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, 2026.

SECTION 7. Section 2 of this act shall be effective on January 1, 2027.

SECTION 8. Section 3 of this act shall be effective on January 1, 2028.

SECTION 9. Section 4 of this act shall be effective on January 1, 2029.

SECTION 10. Section 5 of this act shall be effective on January 1, 2030.