MA S740The bill amends existing law to exempt interest income earned from certificates of deposit at Massachusetts banks from being considered taxable income under the state's income tax laws.
MA S740 is a senate bill in the Massachusetts 194th General Court, sponsored by Ryan Fattman (R), currently “Introduced” since February 27, 2025.
We track 6,558 Massachusetts bills this session, 74 of them sponsored by Ryan Fattman.
Supporters of the bill might emphasize that it reduces the tax burden for savers in Massachusetts, encouraging personal savings by allowing residents to earn interest on certificates of deposit without it being taxed. This could be framed as a move to enhance financial well-being and bolster the economy by incentivizing local banking.
Critics might argue that the bill provides a tax break mainly benefiting wealthier individuals who are more likely to invest in certificates of deposit, thereby decreasing tax revenue that could be used for public services. They may also suggest it could complicate the tax system by adding another exemption.
About This Analysis
This summary was generated using AI from the bill's official text and metadata. Data sourced from LegiScan and the Massachusetts General Court. Conflict-of-interest analysis for this bill is coming soon.
What does MA S740 do?
The bill amends existing law to exempt interest income earned from certificates of deposit at Massachusetts banks from being considered taxable income under the state's income tax laws.
What is the status of MA S740?
MA S740 is currently “Introduced” in the Massachusetts legislature.
Who sponsored MA S740?
Ryan Fattman (R) sponsored MA S740.
