Monday, January 3, 2011

Corporate tax rate lowered in MA

As of January 1, 2011, Massachusetts businesses will see some tax relief. The corporate tax rate has been lowered to 8.25% from 8.75% and is expected to save corporations an estimated $148.5 million in the current fiscal year. The financial institution excise rate will also be lowered to 9.5% from 10%.

Startups will see some relief, as well. As part of the Chamber's Renew Mass agenda, the "3-in-3 Investment Incentive" was enacted at the end of the last legislative session, and will now lower the capital gains tax rate for stock sales in some Massachusetts startup companies.

To read more about tax changes, visit the Boston Herald and the Boston Business Journal.

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