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KTrafka
KTrafka
Level 1
March 6, 2025
Question

Massachusetts return is not showing the exempt interest

  • March 6, 2025
  • 1 reply
  • 12 views

Interest should be exempt from MA tax but the Form 1 is not showing the exempt amount. 

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    1 reply

    D
    ddoggy
    Level 3
    March 6, 2025

    The state of MA repealed the interest deduction for MA banks starting in 2024. 
    Effective for tax years beginning on or after January 1, 2024, the Act repealed Mass. Gen. L. Ch. 62 § 3.B(a)(6) which formerly allowed amounts of interest and dividends from Massachusetts banks to be excluded from Massachusetts Part B taxable income.

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