Bill includes $561.3 million in tax relief in Fiscal Year 2024, $1.02 billion in Fiscal Year 2027 and beyond
(BOSTON – 09/28/23) With the goal of providing financial relief to families across the Commonwealth while making Massachusetts more competitive with other states, the Massachusetts Legislature overwhelmingly passed a bipartisan tax relief package supporting residents across all income levels on Thursday. Senator Cindy F. Friedman (D-Arlington) joined her colleagues in voting to send this robust legislation to the Governor’s desk.
“The conference committee’s tax relief package passed in the Legislature today is a major victory for the residents of the Commonwealth,” said Senator Friedman, Vice Chair of the Senate Committee on Ways and Means. “This legislation provides relief to our working class and lower-income residents by raising the caps on child income tax credits, earned income tax credits, and the senior citizen circuit breaker. We also ensure that the provisions of the Fair Share Law are upheld by all taxpayers, increasing much needed investments in our transportation and public education systems. This package increases our competitiveness and will deliver targeted relief for our residents, and I am very thankful for the work of my colleagues serving on the conference committee for their work to deliver this legislation.”
The compromise bill includes the following tax changes:
Child and Dependent Tax Credit
The bill increases the refundable tax credit for a dependent child, disabled adult, or senior from $180 to $310 per dependent in taxable year 2023, and then to $440 in taxable year 2024 and beyond, while eliminating the child/dependent cap.… Read more.