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Candidate for governor McCormick releases tax info

August 28, 2014

BOSTON (AP) — Independent candidate for governor Jeff McCormick has released a summary of three years of tax returns.

The summary shows McCormick’s taxable income varied widely from year to year.

McCormick, who founded the venture capital firm Saturn Partners in 1993, reported nearly $4.9 million in total income in 2010 — including capital gains of nearly $3.2 million.

He paid more than $757,000 in federal taxes that year, but did not pay federal taxes in 2011 and 2012 because his deductions outstripped his taxable income each year.

McCormick reported paying about $189,000 in state taxes in 2010. Two years later his state tax payment was just over $14,000.

McCormick also donated nearly $124,000 to charity in 2012, compared to $106,000 in 2011 and $164,000 in 2010.

McCormick is the lasted gubernatorial candidate to release personal tax information.