Bill > S1913

This bill proposes several provisions to provide economic relief to the middle class: 1. It creates a tax credit of up to $3,000 per child for child care expenses paid by taxpayers filing as single, married filing jointly, or head of household, as long as the child care provider is licensed in the Commonwealth. 2. It allows for 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 1, 2023 and March 31, 2024. 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 and the ability to carry forward any excess credit for up to seven subsequent tax years. 4. It allows taxpayers to claim the charitable contribution deduction without having to itemize their deductions on their federal income tax returns. 5. It establishes a pilot program to offer competitive grants totaling $500,000 to eligible startup companies owned by Massachusetts residents and business owners, with the goal of supporting the development of new business ventures.

Budget and Finance

https://malegislature.gov/Bills/193/S1913