Bill > S1939

This bill aims to improve Massachusetts' competitiveness and reduce the cost of living by making several changes to the state's tax laws. The key provisions include: 1. Increasing the maximum deduction for rental payments from $3,000 to $5,000 for individuals. 2. Imposing a 5% tax rate on gains from the sale or exchange of capital assets held for 1 year or less. 3. Raising the personal income tax deduction from $8,000 to $12,550 for individuals, and from $8,000 to $25,100 for married couples filing jointly. 4. Increasing the maximum credit for dependent care expenses from $750 to $1,755. 5. Doubling the credit for rent paid by seniors and disabled individuals from $240 to $480, and then from $480 to $960. 6. Doubling the credit for rent paid by low-income individuals from $180 to $360, and then from $360 to $720. 7. Tying certain income tax thresholds to the personal income tax deduction amounts. 8. Modifying the state's estate tax by increasing the exemption threshold from $1 million to $2 million. The bill is intended to make Massachusetts more economically competitive and reduce the cost of living for residents.

Budget and Finance

https://malegislature.gov/Bills/193/S1939