Nonresidents Ask Massachusetts Justices to Eye Tax on Stock Sale

Massachusetts shouldn’t have been allowed to tax gains from the sale of company stock after its founder moved out of the state, the founder told the state’s high court in a petition for review.

Craig Welch wants the Massachusetts Supreme Judicial Court to reject a $300,000 Massachusetts income tax assessment on 100% of the capital gain he made selling stock in his risk management services company, AcadiaSoft Inc., after he and his wife moved to New Hampshire. A state appeals court ruled in April that the gain was derived from Welch’s business in Massachusetts since he lived there from the ...