The Massachusetts Supreme Judicial Court declined to review a $300,000 income tax assessment on a startup founder’s gains from the sale of his stock after moving out of the state.
Craig Welch asked the justices to reject the state’s assessment on 100% of the capital gain he made selling stock in his risk management services company, AcadiaSoft Inc., after he and his wife relocated to New Hampshire.
- Welch and his wife moved to New Hampshire—which only imposes income tax on interest and dividends—just months before Welch sold off his AcadiaSoft shares for $4.74 million after 12 years in Massachusetts with …
