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HOUSE DOCKET, NO. 1359         FILED ON: 1/16/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2687

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

James J. O'Day

_______________

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 to invest in our communities.

_______________

PETITION OF:

 

Name:

District/Address:

James J. O'Day

14th Worcester

Denise Andrews

2nd Franklin

Thomas P. Conroy

13th Middlesex

Chris Walsh

6th Middlesex

Ellen Story

3rd Hampshire

Sonia Chang-Diaz

Second Suffolk

Elizabeth A. Malia

11th Suffolk

Denise Provost

27th Middlesex

Marjorie C. Decker

25th Middlesex

Tom Sannicandro

7th Middlesex

Aaron Vega

5th Hampden

James B. Eldridge

Middlesex and Worcester

Benjamin Swan

11th Hampden

Peter V. Kocot

1st Hampshire

Jason M. Lewis

31st Middlesex

Carlo Basile

1st Suffolk

Frank I. Smizik

15th Norfolk

Ruth B. Balser

12th Middlesex

Carl M. Sciortino, Jr.

34th Middlesex

Kay Khan

11th Middlesex

Tricia Farley-Bouvier

3rd Berkshire

Mary S. Keefe

15th Worcester

William Smitty Pignatelli

4th Berkshire

Timothy J. Toomey, Jr.

26th Middlesex

Michael J. Finn

6th Hampden

Michael D. Brady

9th Plymouth

Paul W. Mark

2nd Berkshire

John J. Lawn, Jr.

10th Middlesex

Michael Barrett

Third Middlesex

Marcos A. Devers

16th Essex

David M. Rogers

24th Middlesex

Cheryl A. Coakley-Rivera

10th Hampden

Gloria L. Fox

7th Suffolk

Sean Garballey

23rd Middlesex

Frank A. Moran

17th Essex

David B. Sullivan

6th Bristol

Carlos Henriquez

5th Suffolk

Anne M. Gobi

5th Worcester

Christine E. Canavan

10th Plymouth

Jonathan Hecht

29th Middlesex

Gailanne M. Cariddi

1st Berkshire

Byron Rushing

9th Suffolk


HOUSE DOCKET, NO. 1359        FILED ON: 1/16/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2687

By Mr. O'Day of West Boylston, a petition (accompanied by bill, House, No. 2687) of James J. O'Day and others relative to the taxation of certain income.  Revenue. 

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 2553 OF 2011-2012.]


The Commonwealth of Massachusetts
 

_______________

In the Year Two Thousand Thirteen

_______________

 

An Act to invest in our communities.
 

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

              Chapter 62 of the General Laws is hereby amended as follows:

              SECTION 1.

              Section 3 of chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by striking out subsection B(b)(1)(A) and inserting in place thereof the following:--

              A personal exemption of $7,900 for tax years beginning on or after January 1, 2014.

              Section 3 of chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby further amended by striking out subsection B(b)(1A)(A) and inserting in place thereof the following:--

              A personal exemption of $10,300 for tax years beginning on or after January 1, 2014.

              Section 3 of chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby further amended by striking out subsection B(b)(2)(A) and inserting in place thereof the following:--

              A personal exemption of $15,800 for tax years beginning on or after January 1, 2014.

              Section 3 of chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby further amended by adding a subsection D to read in its entirety as follows—

              In determining the Part A and Part C taxable income of persons who are 65 or older, or who are disabled, an exemption shall be allowed upon the sum of the Part A and Part C adjusted gross income of such persons in an amount equal to the lesser of $2500 and one third of the sum of such Part A and Part C income for a single person, or a married person filing a separate return, whose total federal adjusted gross income is less than $40,000, and in an amount equal to the lesser of $5000 and one third of the sum of the Part A and Part C income for a married couple filing a joint return whose total federal adjusted gross income is less than $80,000, provided, however, that if only one spouse is 65 or older or is disabled, the exemption shall not exceed $2,500.

              SECTION 2.

              Section 4 of chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by striking out subsection (a)(1) and inserting in place thereof the following:--

              Part A taxable income consisting of capital gains shall be taxed at the rate of 8.95 per cent for tax years beginning on or after January 1, 2014.

              Section 4 of chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby further amended by striking out subsection (a)(2) and inserting in place thereof the following:--

              Part A taxable income consisting of interest and dividends shall be taxed at the rate of 8.95 per cent for tax years beginning on or after January 1, 2014.

              Section 4 of chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby further amended by striking out subsection (b) and inserting in place thereof the following:--

              Part B taxable income shall be taxed at the rate of 5.95 per cent for tax years beginning on or after January 1, 2014. 

              Section 4 of chapter 62 of the General Laws, as appearing in the 2010 Official Edition as amended by 2010, 240, Sec. 111, is hereby further amended by striking out subsection (c) and inserting in place thereof the following:--

              Part C taxable income shall be taxed at the rate of 8.95 percent for tax years beginning on or after January 1, 2014, excepting Part C taxable income derived from the sale of investments which: (1) are in a corporation which is domiciled in the commonwealth with a date of incorporation on or after January 1, 2011 which has less than $50 million in assets at the time of investment and complies with subsections (e)(1), (e)(2), (e)(5), and (e)(6) of Section 1202 of the Internal Revenue Service Code; and (2) are held for 3 years or more, which shall be taxed at a rate of 3 per cent; provided, however, that in order to qualify for the 3 per cent rate, such investments shall be made within 5 years of the date of incorporation and, to the extent consistent with the provisions of this subsection, shall be in stock in a corporation that satisfies the requirements for treatment as “qualified small business stock” under section 1202 ( c) of the federal Internal Revenue Code, without regard to the requirement that the corporation be a C corporation..

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