Hat tip to Shirley for this great news
According to the Boston Business Journal:
The Massachusetts Department of Revenue estimates that a drop in the state’s corporate tax rate will save corporations $148.5 million in the current fiscal year.
The corporate tax rate dropped to 8.25 percent as of Jan. 1, down from 8.75 percent. The DOR estimated that 35,000 Massachusetts-based businesses will benefit from the reduction. In a statement, Gov. Deval Patrick said the tax cut aims to free up money that could be used for job creation and business development at Bay State corporations.
It’s the second year in a row that the state’s corporate tax rate has gone down. The rate fell from 9.5 percent to 8.75 percent last year. It’s also scheduled to decline further next year, to 8 percent.
The DOR estimates the tax relief to corporations will reach a total of $411 million spread over fiscal years 2010, 2011 and 2012. The reductions are the result of corporate tax reform signed by Patrick in July 2008.
Happy new year, indeed! (and next year too!)
Continue reading Happy new year, Massachusetts corporations!
