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Below is a snapshot of key features of Massachusetts' tax system. (Scroll Down)
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State & Local Revenue (FY10)
- General Revenue, Own-Source (GROS): $46.9 billion
- General Revenue as a Share of Income: 14.2%
- Tax Revenue: $33.5 billion
- Tax Revenue as Share of income: 10.2%
- Personal Income Tax (Share of Tax Revenue): 30.3% (5 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 5.5 % ( 5 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 20.9 % ( 46 out of 51)
- Property Tax (Share of Tax Revenue): 38.8 % ( 15 out of 51)
- Other Taxes (Share of Tax Revenue): 3.5 % (39 out of 51)
Personal Income Tax Features (2012)
- Range of Tax Rates: 5.25%
- Standard Deduction: None
- Personal Exemption: $4,400 (Extra $2,400 for Head of Household Filers)
- Dependent Exemption: $1,000
- Earned Income Tax Credit (EITC): 15% Refundable
- Flat income tax rate structure
Corporate Income Tax Features (2012)
- Range of Tax Rates: 8.0%-9.0%
- Income Level at Which Top Rate Applies: All
- Combined Reporting: Yes
- Apportionment Factor (Payroll): 33%
- Apportionment Factor (Property): 33%
- Apportionment Factor (Sales): 50%
- Apportionment Note: SSF for manufacturing and mutual fund companies; higher CIT rate for financial institutions
Sales Tax Features (2012)
- State Sales Tax Rate: 6.25%
- Average Local Sales Tax Rate: N/A
- Average Combined State & Local Sales Tax Rate: 6.25%
- State Sales Tax Treatment of Groceries: Exempt
- Local Sales Tax Treatment of Groceries: N/A
- Number of Services Taxed: 18 out of 168 surveyed
- Streamlined Sales Tax Membership: No
- Sales tax holiday offered in 2012
Property Tax Features (2012)
- Property tax revenue increases capped at 2.5% per year.
- Property tax revenue capped at 2.5% of total assessed value.
Other Tax & Revenue Features (2012)
- Gasoline Tax Rate (per gallon): $0.235
- Diesel Tax Rate (per gallon): $0.235
- Cigarette Tax Rate (per pack): $2.51
- Estate or Inheritance Tax: Yes
- Net Lottery Sales Per Capita: $635
Tax Policy Oversight
- Tax Expenditure Report: Yes
- Tax Incidence Analysis Capability: Personal income tax only
Last Updated October 4, 2012
Sources & Glossary
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