Corporate Tax Rates Shrink In 2010
The state Department of Revenue has made an entry to the state's "Commonwealth Conversations" blog reminding businesses that as of Jan. 1, the corporate tax rate in Massachusetts will drop from 9.5 percent to 8.75 percent.
At the same time, the financial institution tax rate will drop from 10.5 percent to 10 percent.
The reductions are expected to result in about $56 million in tax savings to businesses in 2010. In 2011, the corporate rate is scheduled to be reduced to 8.25 percent. It is scheduled to be reduced again to 8 percent in 2012.
The financial institution tax rate is scheduled to drop to 9.5 percent in 2011 and 9 percent in 2012.
The reductions are in part the result of a legislative tax code study commission that convened in 2007. Along with reduced corporate tax rates, the commission recommended that the state implement reforms that prevent companies from shifting taxable profits to tax havens and from choosing a tax status in Massachusetts that is different from the status they file with the Internal Revenue Service.
WBJ Web Partners
Most Recent
Most Recent
0 Comments