Section 28 Surtax Implementation 4
Section 4 of chapter 62 of the General Laws, as so appearing, is hereby amended by adding the following subsection:-
(d) Where the sum of Part A taxable income, Part B taxable income and Part C taxable income exceeds $1,000,000 in a taxable year, the portion of such taxable income exceeding $1,000,000 shall be taxed at the rates specified in subsections (a) to (c), inclusive, plus an additional 4 per cent. In determining such sum, any negative amount or loss in any part of taxable income shall not be applied to reduce income in any other part or otherwise be applied to reduce such sum. Annually, the $1,000,000 taxable income threshold referenced in this subsection shall be subject to the cost-of-living adjustment as provided by subsection (f) of section 1 of the Code. The commissioner may promulgate regulations or issue other guidance as necessary or appropriate to implement this paragraph.