Budget Amendment ID: FY2015-S4-25.1

Further OTH 25.1

Income Tax Reduction

Mr. Ross moved that the amendment be amended moved that the amendment be amended by striking the underlying amendment and inserting, after section__, the following new section:-

“SECTION__.  Chapter 62 of the General Laws, as appearing in the 2012 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, 2015;

- 5.1 per cent for the tax year beginning on January 1, 2016; and

- 5.0 per cent for tax years beginning on or after January 1, 2017.

SECTION__.  The provisions of section __ will take effect on December 31, 2014.”