January 3, 2011
Mass. Corporate Tax Drops
Effective Jan. 1, the state's corporate tax dropped from 8.75 percent to 8.25 percent, a change the Executive Office for Administration and Finance says will affect about 35,000 companies.
The drop is the result of a law passed in 2008. The law also included measures intended to close tax loopholes for multi-state companies that do business in Massachusetts.
The corporate rate declined from 9.5 percent last year and is scheduled to drop again next year, to 8 percent.
The Department of Revenue estimates the change will reduce corporate taxes by $411 million, spread out over fiscal years 2010, 2011 and 2012. The savings in fiscal 2011 is estimated at $148.5 million.
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