Boston Globe‘s coverage of Speaker of the House Ron Mariano’s comments on the House’s forthcoming tax relief plan:
He didn’t get into specifics, other than to say the tax reform package will contain elements that were left on the table last summer when negotiations on the previous package were dropped, and that some of the reforms will be phased in over multiple years.
Healey’s recent proposal also includes many elements from last year’s talks, such as tax breaks for renters and seniors, as well as reforms to the state’s estate tax, considered overly burdensome when compared to other states. (In Massachusetts, the estate tax kicks in for estates worth $1 million or more, matching Oregon as the lowest threshold of any state.) Healey also proposed reducing the state’s short-term capital gains tax, from 12 percent to 5 percent, something that state lawmakers did not embrace last year when then-governor Charlie Baker proposed it.
This post is a part of Old Colony Law’s Estate Tax Updates.