The IRS also announced that the standard deduction for tax year 2021 will increase by $300 to $25,100 for married couples filing jointly, and by $150 to $12,550 for single individuals and married individuals filing separately. The above rates apply to taxable income, after the standard deduction (or itemized deductions) and other tax breaks have been taken. Your state may have different brackets, no taxes at all or a flat rate. These are the rates and income brackets for federal taxes. Parking facilities built in conjunction with or as part of a project authorized by the Convention Center Financing Act in Boston, Springfield or Worcester. Parking facilities surcharge in Boston, Springfield and/or Worcester
In addition to Boston, there is a $10 surcharge in Revere and a statewide $2 surcharge. See TIR 19-4 and TIR 05-14. Ticket purchase or any water- or land-based sightseeing tourist venue or entertainment cruise or trolley tour originating or located in Massachusetts and conducted partly or entirely in Boston.īoston vehicular rental transaction surchargeĮach vehicular rental transaction contract executed in Boston. Motor vehicles garaged outside Massachusetts Value (equity interest) of the corporation's interest in a ship or vessel engaged in interstate or foreign trade. Net income that is taxable at the federal level. Total receipts $9 million or more (net income) S Corporations that are Financial Institutions Net income taxable at the federal level including certain built-in gains that are taxable at the federal level under IRC § 1374 and on passive investment income taxable at the federal level under IRC § 1375. Total receipts $9 million or more (net income) Total receipts $6 million or more but less than $9 million (net income) 63 §§ 32D, 39 that are not Financial Institutions General Business and manufacturing corporations Sales tax on meals, prepared food and all beveragesĪll "restaurant" food and on-premises consumption of any beverage in any amount.Ī city or town may also charge a local sales tax on the sales of restaurant meals. Up to 3% (local option for cities and towns) Sale, rental or use of tangible personal property, including cigarettes, telecommunications services and certain fuel. Currently this applies for all Barnstable County municipalities.īeginning July 1, 2019, for short-term rentals only, cities and towns are permitted to charge an additional community impact fee up to 3% if an operator has more than one property in that locality or is renting an owner-occupied 2 or 3 family house on a short-term rental basis. In Barnstable, Nantucket and Dukes Counties an additional 2.75% may be charged for the Cape Cod and Islands Water Protection Fund beginning July 1, 2019. See TIR 05-01 for more information.Ĭape Cod and Islands Water Protection Fund In the cities of Boston, Worcester, Cambridge, Springfield, West Springfield, and Chicopee, an additional 2.75% tax is charged for convention center funding. In addition to the state excise, Massachusetts cities and towns are permitted to charge a local room occupancy excise tax up to 6% (6.5% for Boston). Note that while the statute provides for a 5% rate, an uncodified surtax adds. The state’s room occupancy excise tax rate is 5.7%. Visit TIR 19-14 for surcharge information. Sales price (less mortgage assumed) of real estate
Smokeless tobacco (percentage of price paid by licensee)Ĭigars & smoking tobacco (percentage of price paid by licensee) Still wine, including vermouth (wine gal.)Īlcoholic beverages 15% or less (wine gal.)Īlcoholic beverages more than 15%-50% (wine gal.)Īlcoholic beverages more than 50% of alcohol (proof gal.) Note: Estates valued under $2 million are not subject to the estate tax
Short-term capital gains from the sale or exchange of capital assetsįor income exceeding $1,053,750, there is an additional surtax of 4%.įor wages exceeding $1,053,750, there is an additional surtax of 4%. Long-term gains from sale or exchange of collectibles Note: For tax year 2023, for income exceeding $1,000,000, there is an additional surtax of 4%. Personal income and Fiduciary income f or MA residents, nonresidents, and part-year residentsĭividends, interest, wages, and other incomeįor income exceeding $1,053,750, there is an additional surtax of 4%.