Raising Revenue
193rd General Court (2023-2024)
S. 1796
An Act closing the single sales factor tax loophole
This bill closes the single sales factor tax loophole for mutual fund corporations to raise an estimated $143 million in revenue annually. The single sales factor tax loophole is a special interest tax break, passed in 1996 for mutual fund corporations. At the time, it was sold as an economic development incentive that would protect existing jobs and stimulate the creation of new ones. Unfortunately for our economy and for Massachusetts workers, this corporate tax break does not require businesses to create a single new job or make even one dollar’s-worth of new investments in order to reap the benefits of the tax cut.
S. 1797
An Act to repeal Chapter 62F
This simple bill repeals Chapter 62F, a law that provides greater tax cuts based on a person’s income.
S. 1800
An Act to allow cities and towns to increase the local tax rate on meals
This bill would allow municipalities to adopt an increase to their local meals tax. Currently, municipalities can adopt a local tax of .75% and this bill would allow, by local option, municipalities to adopt an additional .75% tax for a total of 1.5%.
S. 1801
An Act to reform the charitable deduction
This simple bill improves the charitable tax deduction to apply only to taxpayers who do NOT itemize their federal returns. In doing so, it ensures that the charitable deduction benefits those who are less likely to itemize. That group generally consists of lower to moderate income people.