Origin: Up to $100 ($200 on a joint return) of interest from savings deposits or savings accounts in Massachusetts banks is deductible from gross income.
Origin: M.G.L. c. 62, § 2(b)(1)(A); M.G.L. c. 62, § 3B(a)(6)
Tax Type
Tax Expenditure
Item Number
Item Name
Description
Origin
FY2022
FY2023
FY2024
FY2025
FY2026
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 deductible from gross income.
M.G.L. <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter62/Section2" target="_blank">c. 62, § 2(b)(1)(A)</a>; M.G.L. <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter62/Section3" target="_blank">c. 62, § 3B(a)(6)</a>
4.1
3.0
3.0
Expired
Expired
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