M.G.L. chapter 62, section 4, establishes the personal income tax rates to be applied against different classes of Massachusetts taxable income. The tax rate on most classes of income is scheduled to decrease in years where the state achieves revenue growth benchmarks set forth by formula in M.G.L. chapter 62, section 4(b).
Accordingly, effective for tax years beginning on or after January 1, 2012, the 5.3 percent tax rate on most classes of taxable income is decreased to 5.25 percent. The tax rate on short-term gains from the sale or exchange of capital assets and on long-term gains from the sale or exchange of collectibles (after a 50 percent deduction) remains at 12 percent.
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