In a move designed to raise tax revenues for the State, and simultaneously lower the business tax rate, Massachusetts has substantially changed the structure of business taxation for years after 2008. Some businesses will see tax increases, others no change, still others decreases over the next few years. The effect of the legislation has been to selectively broaden the base of business income subject to tax and phase in rate reductions over several years.
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By Russell O. Coon Jr., CPA
Parent, McLaughlin and Nangle
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