Bill > H4997

This bill aims to improve Massachusetts' competitiveness and reduce the cost of living in the state. The key provisions are: 1. Increasing the standard deduction for individual income tax filers from $8,000 to $12,550, and for joint filers from $16,000 to $25,100. 2. Increasing the deduction for dependents from $3,000 to $5,000. 3. Doubling the tax credits for certain expenses, such as renting a primary residence and purchasing a primary residence. 4. Increasing the estate tax exemption threshold from $1 million to $2 million, effectively eliminating the estate tax for estates valued at $2 million or less. 5. The changes to the income tax and estate tax provisions will take effect for the 2022 tax year and beyond.

Budget and Finance

Joint Committee on Revenue (J)

https://malegislature.gov/Bills/192/H4997