Budget Amendment ID: FY2018-S3-12

OTH 12

Restoring the Income Tax Rate to 5%

Messrs. Tarr, O'Connor and Ross moved that the proposed new text be amended by inserting after section __ the following new section:-

“SECTION__.  Chapter 62 of the General Laws, as appearing in the 2014 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 5.1 per cent for tax years beginning on or after January 1, 2016; provided however that Part B taxable income shall be taxed at:

- 5.05 per cent for the tax year beginning on January 1, 2018; and

- 5.0 per cent for tax years beginning on or after January 1, 2019.

SECTION__.  The provisions of section __ will take effect on December 31, 2017.”