Bill > S1960

This bill proposes several measures to provide economic relief to the middle class: 1. It creates a tax credit of up to $3,000 per child for childcare expenses paid by taxpayers filing as single, married filing jointly, or head of household, as long as the childcare provider is licensed by the Commonwealth. 2. It allows a deduction of up to $1,000 from adjusted gross income for the cost of home heating oil, natural gas, and propane for single taxpayers with an annual adjusted gross income of $18,000 or less, or joint filers and heads of household with an annual adjusted gross income of $40,000 or less, for purchases made between November 2021 and March 2022. 3. It creates a tax credit of up to 20% of the cost of qualified tuition and fees for higher education, with a maximum credit of $5,000 per year that can be carried forward for up to seven years. 4. It removes the requirement for taxpayers to itemize their deductions on their federal income tax returns in order to claim the charitable contribution deduction on their state income tax. 5. It establishes a pilot program within the Executive Office of Housing and Economic Development to provide competitive grants totaling $500,000 to eligible startup companies owned by Massachusetts residents and business owners.

Budget and Finance

https://malegislature.gov/Bills/192/S1960