Thursday, June 15, 2023
The Senate today has been debating the adoption of S 2397, an Act to Improve the Commonwealth’s Competitiveness, Affordability, and Equity, the long-overdue tax relief bill for Massachusetts residents. The Senate Ways and Means Committee's plan is estimated to be valued at $590 million in total relief for taxpayers.While I have offered many amendments to expand the relief in other important ways here is a brief summary of some key items in the bill:
- The proposal would increase tax relief for low- and middle-income families by increasing the following:
- Child and dependent tax credits Rent deductions Earned Income Tax Credit Senior circuit breaker tax credit cap
- The annual cap for the Housing Development Incentive Program Annual authorization of the low-income housing tax credit
- The proposal would also exempt estates valued under $2 million from the estate tax and seek to eliminate the "tax cliff," which occurs when any estate above the threshold triggers taxes on the entire value rather than just the overage.
- The proposal is designed to help low- and middle-income families afford to live and raise their families
- It would also help to stimulate the economy by increasing demand for housing and other goods and services.
You can read the bill and the amendments here: https://malegislature.gov/Bills/193/S2397/Amendments/Senate