Origin: Due to Massachusetts' reliance on the Internal Revenue Code (Code) for purposes of determining income, prizes for achievements in specified fields and certain cash payments received for participating in the Olympics or Paralympics are excluded from Massachusetts gross income.
Origin: IRC § 74
Tax Type
Tax Expenditure
Item Number
Item Name
Description
Origin
FY2022
FY2023
FY2024
FY2025
FY2026
Personal Income Tax
Exclusions from Gross Income
1.016
Exemption of Certain Prizes and Awards
Due to Massachusetts' reliance on the Internal Revenue Code (Code) for purposes of determining income, prizes for achievements in specified fields and certain cash payments received for participating in the Olympics or Paralympics are excluded from Massachusetts gross income.
<a href="https://www.law.cornell.edu/uscode/text/26/74" target="_blank">IRC § 74</a>
2.9
3.4
3.5
3.6
3.5
Loading...