Charlie Baker on Corporations
Cut business tax to 5%; remove ancillary business fees
Getting Massachusetts Back in Business:
Source: 2010 gubernatorial campaign website, charliebaker2010.com
, Nov 1, 2010
- Adopt a statutory tax rate of 5 percent for all business entities. Massachusetts has a complicated system that sets forth a series of tax rates depending on the type of business entity, the industry the
company represents and the size of the company. An across the board uniform state rate for all business classifications is the simplest form of taxation.
- Phase out ancillary taxes. This includes the $456 minimum tax on S and C corporations,
the sting tax on S corporations, and the tangible property tax on C corporations.
- To accomplish the above, the state must phase down the corporate tax rate and ancillary taxes over four years. Year one-8%; Year two-7%; Year three-6%; Year four-5%
Reduce the filing fees. Annual filing fees range from $125 for C and S corporations to $500 for LLCs and LLPs. There should be one equitable and reasonable fee of $125 for business entities.
Page last updated: Jul 05, 2018