The state’s newest constitutional amendment was certified as law by Secretary of State Bill Galvin this week and, in January, will allow the commonwealth to tax incomes over $1 million an extra 4%.
“With the results of the election now certified, this constitutional amendment will go into effect immediately on the first day of the new year,” Galvin said in a Thursday release.
The Fair Share Amendment, passed by voters in November, will implement a surtax on any dollar made over $1 million. Galvin said the legislature will need to move quickly to address a serious concern.
“Immediate action will be needed to assist elderly homeowners who may have been intending to sell their current primary residence, in an effort to downsize and fund their retirement,” Galvin said.
Galvin also signed ballot question 2 into law, requiring that by 2024 dental insurers will need to spend 83% of premiums on care and quality improvements.
