Long-term capital gains realized from the sale of collectibles (as defined by sec. 408 (m) of the IRC) are eligible for a 50% deduction from the 12% capital gains tax.
Origin: M.G.L. c. 62, § 2(c)(3)
Tax Type
Tax Expenditure
Item Number
Item Name
Description
Origin
FY2017
FY2018
FY2019
FY2020
FY2021
Personal Income Tax
Deductions from Gross Income
1.201
Capital Gains Deduction
Long-term capital gains realized from the sale of collectibles (as defined by <a href="http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000408----000-.html" target="_blank">sec. 408 (m) of the IRC</a>) are eligible for a 50% deduction from the 12% capital gains tax.
<a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter62/Section2" target="_blank">M.G.L. c. 62, § 2(c)(3)</a>
N.A.
N.A.
N.A.
N.A.
N.A.
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