The governor of Massachusetts has signed a tax relief package that will top $1 billion by the 2027 fiscal year. The package will increase tax credits for households with dependents.
Massachusetts Gov. Maura Healey signed a tax relief package Wednesday that is designed to deliver $561 million in reductions to taxpayers and companies during the current fiscal year through a slew of credits and other measures aimed at lowering tax burdens. The package — which will top $1 billion in tax relief by the 2027 fiscal year when fully phased in — includes more than a dozen specific tax measures, including eliminating the tax for estates under $2 million.
We are thrilled to deliver on our promise to pass tax cuts that will result in real savings for the people of Massachusetts, including the country’s largest child and family tax credit that will go back in the pockets of parents and caregivers,' Healey said after signing the bill at a Statehouse ceremony. Lawmakers say the increased child tax credit will benefit 565,000 families.
The bill also increases the cap on rental deductions from $3,000 to $4,000, reduces the tax rate on short-term capital gains from 12% to 8.5% and allows cities and towns to adopt a local property tax exemption to encourage affordable housing. State Sen. Karen Spilka has said a low-income household with two children will see its tax refund increase by more than $1,000.
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