Amendment ID: S1494-3

Amendment 3

Tax deferral income threshold

Ms. Jehlen moves to amend the bill by striking out everything after the enacting clause and inserting in place thereof the following:-

SECTION 1. Section 5 of chapter 59 of the General Laws, as appearing in the 2014 Official Edition, in subsection 41A (2), is hereby amended by striking out, beginning in line 1092, the words, “the amount of income determined by the commissioner of revenue for the purposes of subsection (k) of section 6 of chapter 62, for a single person who is not a head of household” and inserting in place thereof the following:-

“$80,000 in 2017.  The maximum qualifying gross receipts limit in each subsequent year shall be set at the preceding year’s limit adjusted by the percentage, if any, by which the Consumer Price Index for the preceding year exceeds the Consumer Price Index for the calendar year that ends before such preceding year; provided, that the Consumer Price Index for any calendar year shall be as defined in section 1 of the Internal Revenue Code pursuant to 26 U.S.C. section 1; provided further, that the limit shall never be less than $80,000.”