Origin: Interest earned on Massachusetts state and local obligations is exempt from the personal income tax. The exemption applies to interest income from any obligation issued by the Commonwealth, any political subdivision of the Commonwealth, or any agency or instrumentality thereof.
Origin: M.G.L. c. 62, § 2 (a)(1)(A); IRC § 103
Tax Type
Tax Expenditure
Item Number
Item Name
Description
Origin
FY2021
FY2022
FY2023
FY2024
FY2025
Personal Income Tax
Exclusions from Gross Income
1.023
Exemption of Interest from Massachusetts Obligations
Interest earned on Massachusetts state and local obligations is exempt from the personal income tax. The exemption applies to interest income from any obligation issued by the Commonwealth, any political subdivision of the Commonwealth, or any agency or instrumentality thereof.
M.G.L. <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter62/Section2" target="_blank">c. 62, § 2 (a)(1)(A)</a>; <a href="https://www.law.cornell.edu/uscode/text/26/103" target="_blank">IRC § 103</a>
70.8
71.9
78.4
85.1
86.4
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