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Massachusetts State Income Tax Laws Now Conform to EGTRRA
July 25, 2002
by Dave Baker
BenefitsLink has just learned that Massachusetts state income tax laws now conform to federal income tax laws with respect to 401(a), 401(k), 403(b) and 457 plans and 529 plans.
The Massachusetts Senate enacted a tax package on July 25, 2002 that overrides Governor Jane Swift's earlier veto of the tax package. (The Massachusetts House of Representatives overrode the veto on July 23.) The bill includes provisions for full conformity with federal law with respect to workplace savings plans and education savings plans, permitting Massachusetts taxpayers to take advantage of EGTRRA's changes to the ability of individuals to save for retirement and accumulate savings for higher education. The provisions are effective as of January 1, 2002.