CommonWealth Magazine reports on House Speaker Ron Mariano’s comments on the House’s forthcoming tax relief package:
In his prepared remarks to the Chamber on Thursday, Mariano indicated he believes the state can now afford a tax relief package.
“In order to guarantee that this proposal does not jeopardize the long-term financial security of the Commonwealth, our tax relief package will propose phasing in several tax reforms over a multi-year period,” he said.
Gov. Maura Healey has already proposed a tax relief proposal costing nearly $1 billion annually and providing tax relief to families with dependents, renters, and seniors. She also recommended an overhaul reducing the impact of the state’s estate tax and elimination of the higher tax on short-term capital gains.
The House last year proposed increasing the deduction renters can claim, the Earned Income Tax Credit, the state’s child and dependent tax credit, and the threshold of the estate tax. None of those measures moved forward after the economy shifted and the 1986 law required the state to return $3 billion to taxpayers.
This post is a part of Old Colony Law’s Estate Tax Updates.