Global Courant 2023-04-14 02:23:16
The Massachusetts House overwhelmingly approved a $654 million tax relief package for fiscal year 2024 on Thursday.
The bill, which passed by a 150-3 vote, aims to help seniors, renters, businesses and wealthier homeowners while rewriting the law that returned about $3 billion to taxpayers last year, said Ronald Mariano, chairman of the bill. Massachusetts House.
The measure, which would result in taxpayer savings of $1.1 billion in fiscal year 2026, would raise the state’s estate tax threshold from $1 million to $2 million.
MASSACHUSETTS HOUSE SPEAKER UNVEILS $654M TAX REDUCTION PLAN
Massachusetts is one of only 12 states with an estate tax. Democratic Gov. Maura Healey, which released its own $742 million tax relief package in February, would remove the tax for estates worth up to $3 million.
The House bill would also make changes to the 1986 bill designed to limit the growth of the state’s tax revenues and return any surpluses to taxpayers. The law led to nearly $3 billion in refunds last year.
The Massachusetts House of Representatives overwhelmingly approved a $654 million tax relief package.
The credit is applied proportionally to the personal income tax due, resulting in higher credits for those who paid more tax. The account would credit an equal amount per taxpayer.
MASSACHUSETTS HOUSE UNVEILS $56.2 Billion BUDGET PROPOSAL
The House proposal would also combine the child care credit with the dependent family members credit to create one $600 refundable credit per dependent; double the tax credit for eligible seniors who own or rent real estate from $1,200 to $2,400; raise the rent deduction limit from $3,000 to $4,000; and increase the income tax credit from 30% to 40% of the federal credit.
The package would also reduce the short-term capital gains tax rate from 12% to 5% over a two-year period and increase the state’s stabilization fund, known as the Rainy Day Fund.
CLICK HERE TO GET THE FOX NEWS APP
The bill now goes to the Massachusetts Senate.
