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Cormier & Rea announce additional office at 483 Summer St, Ste 2000, Arlington, MA

Massachusetts Tax Rate Lowered to 5.15% – New Tax Tables Available

Categories Tax Tips (Mass)

The final threshold required to lower the Massachusetts income tax rate from 5.20% to 5.15% was recently met and the new rate will be effective as of January 1, 2015. All necessary changes have been made to the upcoming Tax Tables to reflect the decrease. As you may remember, there was a similar decrease in January, 2012 and January, 2014 when the thresholds were also met.  This change will save taxpayers $5.00 per thousand dollars of tax.  Not much for taxpayers but will cost the state millions of dollars in tax revenue.

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