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On November 8, Massachusetts voters voted “yes” to authorize the imposition of a 4% surcharge on Massachusetts taxpayers with incomes over $1 million. This so-called “millionaire tax” is levied along with the presently relevant 5% flat state earnings tax. For instance, a Massachusetts resident who earns $2 million in 2023 pays 5% on the primary million, or $50,000. With the 4% surtax on the second million, the tax on the second million is $90,000. This ends in a further $40,000 in Massachusetts tax.
According to IRS statistics
1 in 2019, over 19,000 sole proprietorships, partnerships, “S” company shareholders and LLC members in Massachusetts would have been topic to this surcharge.
Important factors in regards to the millionaire tax are:
The tax surcharge applies to one-time millionaires. A Massachusetts taxpayer could also be topic to surtax in a single 12 months however not one other 12 months in the event that they make a big achieve from the sale of a considerably valued asset, akin to a house or enterprise.
A single threshold of $1 million applies to each single and married people making use of collectively. If a married couple would exceed the $1 million threshold primarily based on their mixed earnings however not their separate incomes, the couple ought to take into account submitting separate married tax returns to keep away from the surcharge.
The surcharge will come into impact on January 1, 2023.
Taxpayers who could be topic to the surcharge might take into account promoting valued property this 12 months or enter right into a tax deferral transaction akin to a like-for-like trade within the sale of actual property or an funding in a qualifying Opportunity Zone fund. It is foreseeable that by December 31, 2022 there might be a rise in gross sales of valued securities, corporations and actual property.
Taxpayers who understand a big achieve from the sale of an appraised asset in an installment sale ought to take into account whether or not it will be helpful to acknowledge your entire achieve in 2022 or, alternatively, to construction the installment funds over a better variety of years to accommodate the preserve annual funds under the brink. When deciding whether or not to speed up earnings into 2022, the advantage of avoiding the 4% tax surcharge must be weighed towards the elevated money required for federal and state taxes.
A taxpayer would possibly transfer to a different state with a decrease earnings tax charge earlier than realizing a big achieve from the sale of sure properties, akin to valued shares. However, shifting to a different state requires planning and you will need to evaluation every state’s residency necessities and completely doc shifting to a brand new state, because the burden of proving that they’ve truly modified residency is on the taxpayer. The Massachusetts Department of Revenue (DOR) critiques taxpayers making an attempt to alter residency, so it’s anticipated that the DOR will prioritize reviewing returns from taxpayers who all of a sudden declare nonresident standing after years of submitting as residents .
The surtax applies solely to the portion of the taxpayer’s earnings above $1 million. For instance, if the achieve on the sale of a house is $1.2 million, the surtax is just utilized to $200,000 of the achieve.
The $1 million threshold is elevated every year for inflation. Therefore, taxpayers will need to have an earnings of far more than $1 million over time to be topic to the tax credit score.
It is presently unclear whether or not the millionaire tax will apply to Massachusetts resident trusts and estates. One technique which may assist Massachusetts taxpayers keep away from the surcharge could be to switch income-producing property to a belief that isn’t topic to Massachusetts earnings tax, or, for charitable taxpayers, to switch income-producing property to at least one nonprofit relaxation unitrust. With the latter technique, the taxpayer would obtain a charitable deduction from earnings tax if the belief is funded, no speedy recognition of income, an annual earnings stream primarily based on the annual worth of belief property or annual earnings of the belief, and the designated charity would obtain the remaining belief property on the finish of the belief time period. Provided that the taxpayer’s annual complete of taxable belief distributions and different earnings doesn’t exceed the surcharge tax threshold, the surcharge shouldn’t be imposed.
It is necessary to notice that every of the mitigation methods outlined above requires a case-by-case evaluation, relying on the particular info. Even towards this background, we anticipate further tax-related transactions on the finish of the 12 months.