Bill > H3770

This bill aims to improve the Commonwealth's competitiveness, affordability, and equity. Key provisions include: - Increasing the capital gains tax rate from 5% to 8% for assets held for 1 year or less, while lowering it from 8% to 5% for assets held longer. - Raising the personal income tax deduction for dependents from $310 to $600 per eligible dependent. - Modifying the apportionment formula for financial institutions and business corporations to determine their taxable income in Massachusetts. - Increasing the estate tax exemption from $1 million to $2 million for Massachusetts residents. - Implementing these changes over a phased timeline from 2023 to 2025. The bill's overall intent is to make Massachusetts more competitive, affordable, and equitable through adjustments to various tax provisions.