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S 2845

Order relative to authorizing the joint committee on Financial Services to make an investigation and study of a certain current Senate document relative to certificate of deposit interest income

194th Legislature (2025-2026)

Mass. S.2845 lets the Financial Services Committee investigate CD interest income (Senate Doc. 740) to inform future state policy on CDs.

Discharged to the committee on Senate Rules
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Bill Summary · S 2845

Summary of Massachusetts Senate Bill S.2845

Overview

  • Bill Number: S.2845
  • Title / Purpose (as introduced): “Order relative to authorizing the joint committee on Financial Services to make an investigation and study of a certain current Senate document relative to certificate of deposit interest income.” The bill authorizes investigation and study by the joint committee on Financial Services into a current Senate document relating to certificate of deposit (CD) interest income.
  • Current Status: Discharged to the committee on Senate Rules.
  • Introduced: September 17, 2025.
  • Relation to Other Legislation: Related federal-style language appears in the version content (bill text references the Internal Revenue Code and broader “Billionaires Income Tax Act” language). A companion federal bill is noted as HR 5427.
  • Sponsored By: A broad slate of sponsors is listed, including state and national figures (e.g., Elizabeth A. Warren, Richard Blumenthal, Chris Van Hollen, Ron Wyden as primary sponsor, and others). The list includes numerous cosponsors.

What the bill would do

  • The bill formally authorizes the joint committee on Financial Services to:
    • Investigate and study “a certain current Senate document numbered 740” that concerns CD interest income.
    • The investigation would be conducted by the committee, and the outcome would be reported back as part of the legislative process.
  • The textual content included in the introduced version references broader tax-related framework (including a header labeled “Billionaires Income Tax Act” and sections that resemble provisions to eliminate deferrals, address carried losses, and apply various tax-related rules). However, the Massachusetts bill action (as an order) focuses specifically on granting the committee authority to study the CD interest income document.

Who would be affected

  • Primary: Massachusetts legislative process and stakeholders involved with CD markets and interest income policy. By authorizing study on CD interest income, affected parties could include:
    • Financial services industry practitioners in Massachusetts (banks, credit unions, CDs issuers/holders).
    • Tax policy researchers and state policymakers.
    • General public interested in implications of CD interest income treatment.
  • Secondary: Depending on the committee’s findings, potential future policy proposals could affect how CD interest income is taxed or regulated within the state.

Key procedural and timeline details

  • Referral and References:
    • Referred to the Committee on Finance on September 17, 2025.
    • The committee on Financial Services reported the bill on December 11, 2025, accompanying Senate Document 740.
  • Discharge / Next Steps:
    • On December 24, 2025, the bill was discharged to the committee on Senate Rules.
    • On December 11, 2025, the report from the Financial Services Committee was accompanied by Senate Document 740 and the order was reported favorably and referred to the Rules of the two branches (acting concurrently).
  • Status Implication: The discharge to Senate Rules indicates the bill is moving toward potential formal action by both chambers (Rules of the two branches, acting concurrently) after an investigative report is completed.

Additional notes

  • A companion federal reference (HR 5427) is noted, which might suggest parallel or related policy discussions at the federal level.
  • The “Version Content” includes broader tax topics branded as the “Billionaires Income Tax Act” with sections on deferral elimination, capital loss carrybacks, and treatment for various groups; however, the current Massachusetts bill action is specifically an authorization for investigation into a CD interest income document. The presence of this broader language likely reflects the text structure used in the introduced version rather than Massachusetts-specific policy changes.

If you’d like, I can extract a side-by-side comparison with Senate Document 740 (the referenced document) or provide a plain-language explanation of what studying CD interest income could imply for Massachusetts policy discussions.

Compiled from official sources — confirm details with the bill’s official record.

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