Mass. Taxpayers Won't Get Small Cut In 2017
BOSTON (AP) — Unlike the previous two years, Massachusetts taxpayers will not enjoy a small income tax cut in 2017.
State revenue officials last week revealed that tax collections had not met the first of several benchmarks that would trigger an automatic reduction in the income tax rate on Jan. 1, from 5.1 percent to 5.05 percent.
The state has been forced to revise downward the projected growth in tax revenues for the current fiscal year.
The tax rate dropped incrementally from 5.2 percent to 5.15 percent in 2015. It dropped again from 5.15 percent to 5.1 percent this year under a state law that requires automatic reductions if revenue targets are met.
The rate could continue to drop until it hits 5 percent.
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