Up to $100 ($200 on a joint return) of interest from savings deposits or savings accounts in Massachusetts banks is excluded from "earned" income.
Origin: M.G.L. c. 62, § 3B(a)(6)
Tax Type
Tax Expenditure
Item Number
Item Name
Description
Origin
FY2018
FY2019
FY2020
FY2021
FY2022
Personal Income Tax
Deductions from Adjusted Gross Income
1.413
Exemption of Interest on Savings in Massachusetts Banks
Up to $100 ($200 on a joint return) of interest from savings deposits or savings accounts in Massachusetts banks is excluded from "earned" income.
M.G.L. <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter62/Section3" target="_blank">c. 62, § 3B(a)(6)</a>
3.2
3.5
3.8
4.1
4.5
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