Budget Amendment ID: FY2014-S3-5-R1
Redraft OTH 5
Income Tax Reduction
Messrs. Tarr, Timilty, Ross, Hedlund and Knapik moved that the proposed new text be amended by inserting in the end the following new section:-
“SECTION__. Chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by striking Section 4(b) in its entirety and inserting in place thereof the following:-
Section 4(b) “Part B taxable income shall be taxed at the rate of 5.3 per cent for tax years beginning on or after January 1, 2002; provided however that Part B taxable income shall be taxed at:
-5.2 per cent for the tax year beginning on January 1, 2014;
-5.1 per cent for the tax year beginning on January 1, 2015; and
-5.0 per cent for tax years beginning on or after January 1, 2016.”