Income/Franchise:
Massachusetts DOR Explains 4% Surcharge on Individual Income in Excess of $1 Million
Technical Information Release (TIR) 23-12: Provisions in the Fiscal Year 2024 Budget Pertaining to the 4% Surtax and the Extension of the Brownfields Tax Credit, Mass. Dept. of Rev. (11/15/23). The Massachusetts Department of Revenue (Department) issued a technical information release (TIR 23-12) that addresses provisions of the Massachusetts Fiscal Year 2024 Budget (“FY24 Budget”) pertaining to Massachusetts’ recently codified 4% surcharge on individual income in excess of $1 million, which was approved by Massachusetts voters through ballot measure in 2022 [see previously issued Multistate Tax Alert for more details on the Massachusetts Fiscal Year 2024 Budget]. TIR 23-12 explains how the FY24 Budget clarifies computing taxable income subject to the 4% individual income surtax and announces that the Department “intends to issue further guidance with respect to the administration of the 4% surtax.” Moreover, TIR 23-12 explains how the FY24 Budget extends Massachusetts’ brownfields tax credit by an additional five years. Please contact us with any questions.
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