Bill > S1970

This bill proposes to increase the renter relief tax credit in Massachusetts by making two key changes to the state's tax law. First, it increases the maximum tax credit from $3,000 to $9,000 for eligible renters. Second, it establishes new eligibility criteria for the credit, allowing taxpayers who rent their principal residence in Massachusetts to claim a credit if their Part B adjusted gross income is $75,000 or less. The credit will be calculated as 15% of 50% of the total rent paid above $12,000, with a maximum credit of $3,000 for single individuals, married couples, or those qualifying as head of household. This means renters can receive a tax credit that helps offset a portion of their annual rental expenses, providing financial relief to lower and middle-income residents who are facing high housing costs in the state.

Budget and Finance

https://malegislature.gov/Bills/194/S1970