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The corporate income tax rate will drop to 8 percent as of Jan. 1, the final step of a gradual decrease in the levy as part of corporate tax reform legislation signed by Gov. Deval Patrick in 2008.
The drop, from 8.25 percent, is the last in a series of three rate decreases from 9.5 percent in 2008. While the drop to 8 percent is expected to lower state revenues by $15 million for fiscal year 2013, the legislation also closed tax loopholes that have helped the state recapture some of that money, according to a statement from the state’s Executive Office of Housing and Economic Development.
“In tough, competitive times, a lower corporate tax rate is an important incentive and signal for urging new job creation and investment, and we appreciate the support of the governor and the Legislature for our local employers,” said Jon B. Hurst, president of the Retailers Association of Massachusetts. “Consumers have certainly done their part in helping our economy by boosting sales in the holiday season; now let’s hope in 2012 Massachusetts employers will do their part by growing local payrolls and making capital investments.”
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Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
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