Budget Amendment ID: FY2012-S3-12-R1

Redraft OTH 12

INCOME TAX REDUCTION

Messrs. Tarr, Hedlund, Knapik and Ross moved that the proposed new text be amended <w:p><w:r><w:t xml:space="preserve">SECTION__. Section 4 of chapter 62 of the General Laws, as appearing in the 2008 official edition, is hereby amended by striking out subsection (b) in its entirety and inserting in place thereof the following subsection:-

(b) Part B taxable income shall be taxed at the rate of 5.2 percent for the taxable year beginning January 1, 2012.

SECTION 2. Section 4 of said chapter 62 of the General Laws, as so appearing, is hereby amended by striking out subsection (b) in its entirety and inserting in place thereof the following subsection:-

(b) Part B taxable income shall be taxed at the rate of 5.1 percent for the taxable year beginning January 1, 2013.

SECTION 3. Section 4 of said chapter 62 of the General Laws, as so appearing, is hereby amended by striking out subsection (b) in its entirety and inserting in place thereof the following subsection:-

(b) Part B taxable income shall be taxed at the rate of 5 percent for the taxable year beginning January 1, 2014.

SECTION 4. Section 1 of this act shall be effective only for the taxable year beginning January 1, 2012

SECTION 5. Section 2 of this act shall be effective for the taxable year beginning January 1, 2013.

SECTION 6. Section 3 of this act shall be effective for taxable years beginning on or after January 1, 2014.