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Personal Income Tax in Massachusetts

April 13, 2006

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If you are a resident or non-resident of Massachusetts and receive taxable income individually from property owned or business transacted in Massachusetts, you are subject to tax on net income. Therefore, if you are operating your business as an S corporation, partnership, limited liability company, or sole proprietorship, you will be subject to a personal income tax on your business income that passes through to you.

Wages, salaries, business income, qualified interest and dividends are taxed at a 5.3 percent tax rate. Short-term capital gains are taxed at 12 percent, while long-term capital gains are taxed at the 5.3 percent tax rate.

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