Now, as acting governor in the wake of Whitman's departure, DiFrancesco has had the pleasure of signing the bill into law. At issue was the fact that S corporation partners were, in effect, being taxed twice--first on the basis of the profits generated by the corporation itself, and second on an individual basis for corporate earnings.
The tax cut will total $82 million over three years, with $36 million of that cut coming in the first year. "This tax cut is a matter of fairness and equity," DiFrancesco said as he signed the bill on Friday.
Other tax cuts currently in the works in the legislature include waiving taxes in the first year for new small businesses, plus additional tax credits for developers who build in the state's urban areas.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
