Mass. Taxpayers In Line For Slight Income Tax Cut

By Bob Salsberg, AP
View Comments

File Image (credit: Tim Boyle/Getty Images)

BOSTON (AP) — Massachusetts taxpayers are in line for a slight cut in their state income taxes.

Barring a last-minute hitch, the tax rate will automatically be reduced from 5.3 percent to 5.25 on Jan. 1 due to sustained growth in revenue collections over the last year and a half.

The savings for the average taxpayer would be small. For example, a family with $50,000 in annual taxable income would save about $25.

Massachusetts Revenue Commissioner Amy Pitter told a Statehouse hearing Monday that a final determination on the tax cut will be made Thursday after a final review of tax collections for the past three months.

Pitter said she expected the cut to cost the state about $54 million in the current fiscal year and $114 million in the next fiscal year starting July 1.

Copyright 2011 The Associated Press.

View Comments
blog comments powered by Disqus

Get every new post delivered to your Inbox.

Join 4,099 other followers