An Act relative to the gradual elimination of the inventory tax, the official text

	SECTION 1. Subsection (a) of section 39 of chapter 63 of the general laws, as appearing in the 2022 Official Edition, is hereby amended, in line 37, by striking the figure “$2.60” and inserting in place thereof the following figure:- $2.00. 
	SECTION 2. Subsection (a) of section 39 of chapter 63 of the general laws, as so appearing, is hereby amended, in line 37, by striking the figure “$2.00” and inserting in place thereof the following figure:- $1.50. 
	SECTION 3. Subsection (a) of section 39 of chapter 63 of the general laws, as so appearing, is hereby amended, in line 37, by striking the figure “$1.50” and inserting in place thereof the following figure:- $1.00. 
	SECTION 4. Subsection (a) of section 39 of chapter 63 of the general laws, as so appearing, is hereby amended, in line 37, by striking the figure “$1.00” and inserting in place thereof the following figure:- $.50. 
	SECTION 5. Subsection (a) of section 39 of chapter 63 of the general laws, as so appearing, is hereby amended by striking clause (1) and (2) and inserting in place thereof the following:- 
	“(1)(i) For tax years beginning before January 1, 2020, 9.5 per cent of its net income determined to be taxable in accordance with this chapter; (ii) for tax years beginning on or after January 1, 2010, but before January 1, 2021, 8.75 per cent of its net income determined to be taxable in accordance with this chapter; (iii) for tax years beginning on or after January 1, 2021, but before January 1, 2022, 8.25 per cent of its net income determined to be taxable in accordance with this chapter; or (iv) for tax years beginning on or after January 1, 2022, 8.0 per cent of its net income determined to be taxable in accordance with this chapter. 
	SECTION 6. Section 1 of this act shall be effective on January 1, 2026. 
	SECTION 7. Section 2 of this act shall be effective on January 1, 2027. 
	SECTION 8. Section 3 of this act shall be effective on January 1, 2028. 
	SECTION 9. Section 4 of this act shall be effective on January 1, 2029. 
	SECTION 10. Section 5 of this act shall be effective on January 1, 2030.