Budget Amendment ID: FY2020-S3-53

OTH 53

Corporate Tax Rate Restoration

Ms. Rausch, Mr. Kennedy, Ms. Comerford, Mr. Eldridge, Ms. Jehlen, Mr. Feeney and Ms. Chang-Diaz moved that the proposed new text be amended by inserting after section _ the following section:-

SECTION XX.  Section 39 of chapter 63 of the General Laws, as appearing in the 2016 Official Edition, is hereby amended by striking subsection (a)(2) and inserting in place thereof the following words:- (i) For tax years beginning before January 1, 2020, 8.0 per cent of its net income determined to be taxable in accordance with this chapter; (ii) for tax years beginning on or after January 1, 2020, but before January 1, 2021, 8.75 per cent of its net income determined to be taxable in accordance with this chapter; and (iii) for tax years beginning on or after January 1, 2021, 9.5 per cent of its net income determined to be taxable in accordance with this chapter.