Vote Description

This was a vote on amendment #4 to S.2397, the Senate Tax Reform Package. This amendment reduced the Short Term Capital Gains Tax rate to 5%. Currently Massachusetts is an outlier in its short term capital gains tax rate at 12%. Under the current tax rate system, an income earned from selling an asset held for a year or less is taxed at 12 percent while income earned from selling an asset held for more than a year is taxed at only 5 percent. This is arbitrary policy and makes Massachusetts an outlier among other competitive states. Find a link to the bill here: https://malegislature.gov/Bills/193/S2397/BillHistory?pageNumber=1