On November 8, 2022, Massachusetts voters approved a measure placed on the ballot by initiative petition that amends the state’s Constitution to impose an additional 4% tax on that portion of annual taxable income in excess of $1,000,000 reported on any income tax return. The $1,000,000 figure is to be adjusted annually to reflect any increases in the cost of living. This additional tax becomes effective on January 1, 2023.
This has been an unusual year, by any measure, and it is not over yet. As we head into the last quarter of 2020, there are some personal planning possibilities to consider. Should you have questions or need our assistance, please contact your lawyer in the Private Client Group.