H3048 • 2025

An Act relative to increasing interest rate deductions

Taxes

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor: Tackey Chan
Last action: 2026-04-02
Official status: Accompanied a study order, see H5318
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

An Act relative to increasing interest rate deductions

An Act relative to increasing interest rate deductions By Representative Chan of Quincy, a petition (accompanied by bill, House, No.

What This Bill Does

An Act relative to increasing interest rate deductions By Representative Chan of Quincy, a petition (accompanied by bill, House, No.
3048) of Tackey Chan relative to increasing interest rate deductions.
Revenue.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

2026-04-02 House
Accompanied a study order, see H5318
2026-02-17 House
Reporting date extended to Wednesday, March 18, 2026
2025-11-18 Joint
Hearing rescheduled to 11/18/2025 from 10:00 AM-11:00 AM in B-1 and Virtual Hearing updated to New End Time
2025-11-17 Joint
Hearing rescheduled to 11/18/2025 from 10:00 AM-01:00 PM in B-1 and Virtual Hearing location changed
2025-11-07 Joint
Hearing scheduled for 11/18/2025 from 10:00 AM-01:00 PM in A-1
2025-02-27 House
Referred to the committee on Revenue
2025-02-27 Senate
Senate concurred

Official Summary Text

An Act relative to increasing interest rate deductions
By Representative Chan of Quincy, a petition (accompanied by bill, House, No. 3048) of Tackey Chan relative to increasing interest rate deductions. Revenue.

Current Bill Text

Read the full stored bill text

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Bill H.3048

Section 3 of chapter 62 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended by striking out, in lines 64-68, subparagraph (6) of paragraph (a) of subsection B and inserting in place thereof the following subparagraph:-

(6) Interests and dividends in the amount of five hundred dollars for a single person, head of household or a married person filing a separate return or one thousand dollars for a husband and wife filing a joint return from savings deposits, savings accounts, shares or share savings accounts included in Part B gross income.

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