Code Section
Ch. 62, generally

Who is Required to File
Individuals, including fiduciaries, estates of deceased Massachusetts inhabitants, and nonresidents earning income in Massachusetts; Partnerships and S corporations are not taxed; A “corporate trust” engaged in business in Massachusetts is taxed

Rate
Interest, dividends, 5.3%; short term capital gains, 12%; all other income, 5.85%

Federal Income Tax Deduction
No

Federal Income used as Basis
Yes