State Income Tax Rate to Drop

You'd be forgiven if you thought tax rates only go one direction — up.

But come January, the Bay State's income tax rate will inch down for the second time in two years. The rate will slide from 5.25 percent to 5.20 percent.

The boon for taxpayers is because state revenues met thresholds set for gradual lowering of the tax rate. The decrease will be worth about $39 for a family making $100,000, according to an Associated Press report via the Boston Herald.

You can read more details directly from the Department of Revenue or get more context at the Herald.