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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1916. Excerpt:... THE MASSACHUSETTS INCOME TAX LAW An Act to impose a Tax upon the Income received from Certain Forms of Intangible Property and from Trades and Professions. Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows: Section 1. There shall be levied in the year nineteen hundred and seventeen, and in each year thereafter, a tax upon incomes as hereinafter set forth. TAXATION OF INCOME DERIVED FROM CERTAIN INTANGIBLES Section 2. Income of the following classes received by any inhabitant of this commonwealth during the calendar year prior to the assessment of the tax shall be taxed at the rate 5 of six per cent per annum: (a) Interest from bonds, notes, money at interest and all debts due the person to be taxed, except from: First: Deposits in any savings bank char10 tered by this commonwealth or in the Massachusetts Hospital Life Insurance Company, or such of the deposits in the savings department of any trust company so chartered as do not exceed in amount the limits imposed upon de15 posits in savings banks by section forty-rix of chapter five hundred and ninety of the acts of the year nineteen hundred and eight, and acts in amendment thereof and in addition thereto. Second: Bonds of the United States and such 20 bonds, notes and certificates of indebtedness of the commonwealth and of political subdivisions thereof as are exempt from taxation under the provisions of clause fifteen of section five of Part I of chapter four hundred and ninety of 25 the acts of the year nineteen hundred and nine, and acts in amendment thereof and in addition thereto. Third: Loans secured exclusively by mortgages of real estate, taxable as real estate, situ80 ated within the commonwealth, to an amount not e...