Bill > H3250

This bill proposes a tax relief measure for senior citizens in Massachusetts by amending Chapter 62 of the state's General Laws. Specifically, it adds a new provision that allows individuals who are 65 years of age or older by the end of the tax year to exclude $50,000 from their taxable income. This means that senior citizens can reduce their state income tax liability by deducting $50,000 from their total income before calculating their tax owed. The provision is designed to provide financial relief to older residents by effectively lowering their tax burden, which could help seniors on fixed incomes manage their expenses more easily. The amendment is straightforward and directly targets seniors by creating a new income tax exemption that can potentially provide significant tax savings for eligible individuals.

Budget and Finance

https://malegislature.gov/Bills/194/H3250