Bill > S1959

This bill proposes the following key provisions: 1. Increases the standard deduction for Massachusetts income tax from $750 to $1,755. 2. Requires the Department of Revenue to establish a mechanism to allow married individuals filing separately to claim the standard deduction credit. 3. Mandates the Department of Revenue to implement the mechanism in section 2 within 90 days of the bill's effective date. 4. Expands the existing dependent tax credit to include dependents aged 65 or older and disabled individuals, providing a $310 credit per eligible dependent. 5. Revises the Massachusetts estate tax, reducing the tax to the amount of the federal credit for state death taxes and providing a full exemption for estates with a federal taxable value of $2 million or less. The bill aims to provide tax relief for Massachusetts residents through increases in standard deductions, expanded dependent credits, and changes to the estate tax.

Budget and Finance

https://malegislature.gov/Bills/193/S1959