In her tax relief package, Healey also wants to eliminate Massachusetts’ outlier tax code status by increasing the estate tax threshold from $1 million to $3 million and introducing a credit of up to $182,000.
More on the Governor’s view on how the estate tax proposal fits into the larger context of her budget proposal:
Healey noted her budget also provides funding to support training for child care educators, who are now leaving the sector for higher-paying jobs elsewhere. But to tackle Massachusetts’ competitiveness issues more broadly, Healey said officials must incentivize people and businesses to stay here.
“We thought, reviewing everything, the best way to do that through tax reform was around the estate tax and capital gains, which as I think was pointed out, represent only a portion of the tax credit money,” Healey said. “The rest of the tax credit money is going towards low-income folks, seniors, renters, families and the like…I look forward to working with you all to accomplish the ends, and I would love to do anything that we could to drive down the cost of housing, to drive down the cost of child care to make child care more accessible.”
This post is a part of Old Colony Law’s Estate Tax Updates.