Budget Amendment ID: FY2015-S4-25

OTH 25

Income Tax Reduction

Messrs. Tarr, Hedlund, Ross and Humason moved that the proposed new text be amended moved that the bill be amended moved that the bill be amended by 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.”