Bill > S2406

This bill makes several changes to tax laws in Massachusetts: - It increases the property tax exemption for affordable rental housing from $1,500 to $2,000. It also allows municipalities to establish a property tax exemption for affordable rental housing units where the occupants' household income does not exceed 200% of the area median income. - It increases various personal income tax deductions and credits, including the dependent care tax credit, the deduction for student loan interest payments, and the deduction for solar electric generating equipment. - It expands eligibility for the Brownfields Tax Credit program and increases the annual cap on the credits authorized. - It provides a state estate tax credit of up to $99,600 and exempts estates with a federal taxable estate value of $2 million or less from the state estate tax. - It increases the alcohol by volume limit for malt beverages from 6% to 8.5%. The bill also requires various studies and reports related to tax policy, including the feasibility of advance quarterly payments for certain tax credits and the potential impact of an additional elective entity-level tax on pass-through businesses.