There is a proposed change to the Massachusetts state constitution that would increase the overall state tax rate for certain residents of the Commonwealth of Massachusetts from 5% to 9%. This change would impact residents with taxable income of more than $1,000,000 (adjusted annually for a cost-of-living increase). To the extent the voters of the Commonwealth approve this amendment, it would be effective for all tax years beginning on or after January 1, 2023. The vote is set to take place on Tuesday, November 8, 2022.
For more information on this proposed amendment or to find out how our private wealth and tax specialists can help, contact our team.
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.