Massachusetts lowers its corporate tax rate to 8.25 percent

BOSTON – A new year brings a new corporate tax rate for Massachusetts, as the state dropped the rate from 8.75 percent to 8.25 percent.
The move marks the second straight year the state has decreased the rate, which is expected to benefit about 35,000 Massachusetts-based businesses, according to a news release.
The rate is scheduled to decline again on Jan. 1, 2012, to 8.0 percent. Gov. Deval L. Patrick signed the reductions into law in July 2008.
The Mass. Department of Revenue said in the release that the tax relief will amount to $411 million spread over fiscal years 2010, 2011 and 2012. In fiscal 2010, the reduced rate saved corporations $78.2 million, while in the current fiscal year, the department estimates a savings of $148.5 million. &#8226