Massachusetts income tax rate will drop to 5% on Jan. 1

Massachusetts income tax rate will drop to 5% on Jan. 1

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Today, donations to charity are only deductible on federal, not state, income taxes.

According to the Massachusetts Budget and Policy Center, charitable deductions tend to help wealthier filers more.

But the Massachusetts Nonprofit Network said many of the people who donate to Massachusetts nonprofits are middle and low-income individuals. The group’s CEO Jim Klocke said the charitable deduction “will provide a much-needed boost to individual charitable giving,” which declined in 2018 due to a change in federal tax law that results in many people no longer itemizing their charitable deductions.

Source Name: 
MassLive
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