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  • Writer's pictureFirenzeCapitalAdvisors

Massachusetts DOR Explains 4% Personal Income Surtax on Taxable Income Over $1 Million

4% Surtax on Taxable Income Over $1,000,000,The Massachusetts Department of Revenue (Department) posted implementation guidance reflecting that beginning with tax year 2023, Massachusetts taxpayers subject to personal income tax under Chapter 62 must pay an additional 4% surtax on taxable income over $1,000,000, increased annually for inflation. In the guidance, the Department addresses topics like which taxpayers are subject to the 4% surtax; calculating income subject to the 4% surtax; related forms and electronic filing requirements; special rules for nonresident composite filers; impact on Massachusetts’ elective pass-through entity excise tax; and underlying implications for withholding and estimated payments. Please contact us with any questions.

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