Budget Amendment ID: FY2019-S4-8

OTH 8

Restoring the income tax to 5%

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

“SECTION__.  Chapter 62 of the General Laws, as appearing in the 2016 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 5.05 per cent for tax years beginning on or after January 1, 2019; provided however that Part B taxable income shall be taxed at:

- 5.05 per cent for the tax year beginning on January 1, 2019; and

- 5.0 per cent for tax years beginning on or after January 1, 2020.

SECTION__.  The provisions of section __ will take effect on December 31, 2018.”