Massachusetts Taxpayers To See Tax Cut Approved Back In 2000
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BOSTON (AP) -- In 2000, Massachusetts voters approved a ballot question meant to reduce the state's income tax rate to 5%. Two decades later they're finally getting their wish.
Republican Gov. Charlie Baker announced this week that on Jan. 1, the tax rate will fall from 5.05% to 5%.
The ballot question was meant to reduce the tax rate to 5% by 2003. Lawmakers instead froze the rate at 5.3% in 2002.
They also passed a law that would lower the rate to 5% over a longer time frame, provided the state hit certain revenue milestones. The state completed those milestones this year.
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