Ruth Mattson quoted in Law360 article regarding new Massachusetts surtax

November 17, 2022 Media Mentions

Verrill attorney Ruth Mattson was recently mentioned in the Law360 article Mass. Millionaires' Loss Is Attys' Gain As Tax Measure Passes. The article discusses Massachusetts’ new surtax on incomes over one million dollars, the Fair Share Amendment. These collected funds are expected to go towards new state revenues each year such as education and transportation, all while raising the question if big taxpayers will make the decision to leave the state to avoid increased taxation. Mattson commented that "simply buying a second home in New Hampshire or Florida doesn't appear likely to cut it for those hoping to duck the Bay State's tax man, as states are wise to flimsy change-of-residence claims. Folks who are older and are in the process of selling businesses, they might have their entire social network here. They might have children or grandchildren, it's much harder to pack up and move when your entire social network is still in Massachusetts. All of those associations and affiliations and driver's license and library cards — all of that can be used as evidence that they still retain residence in Massachusetts if they are spending significant amounts of time here." The newly passed ‘millionaire’s tax’ is expected to generate an increased amount of legal work both in Massachusetts and states with no income tax, such as New Hampshire and Florida, for domicile case litigation.

To read the Law360 article in its entirety, please click here.