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Mass. Lowers Personal Income Tax Rate; IRS Introduces Free Electronic Payment Option

Categories Tax Tips (Fed), Tax Tips (Mass)

Mass. Lowers Personal Income Tax Rate

On December 4, Massachusetts Revenue Commissioner Amy Pitter announced that revenue growth has met the final threshold needed to lower the personal income tax rate from 5.25 percent to 5.20 percent beginning January 1, 2014.

This cut will take effect as a result of a voter approved ballot measure from 2000. This ballot measure gradually lowers the income tax rate from 5.95 percent to five percent. The rate was frozen at 5.3 percent in 2002 by the State Legislature. The Legislature added a mechanism that would allow the rate to fall in increments of 0.05 percent if growth in annual revenues meets certain benchmarks. The rate was last reduced from 5.30 percent to 5.25 percent on January 1, 2012.

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