On Tuesday, Governor Healey’s testified before the Joint Revenue Committee regarding her tax relief package (which includes proposed changes to the estate tax law). As part of it’s ongoing Estate Tax Updates, Old Colony Law compiled some of the reaction in the press. Please feel welcome to write to write to [email protected] if you haveContinue reading “Estate tax update: Reaction to Governor’s testimony before the Joint Revenue Committee”

Daily Hampshire Gazette sets the stage for an upcoming public hearing on the Governor’s proposed tax reforms (including changes to the Massachusetts estate tax law): Healey’s plan (H 42) combines a new $600-per-dependent tax credit for parents and caregivers with relief for renters and seniors, slashes the short-term capital gains tax rate from 12% to 5%,Continue reading “Tax relief critics, supporters will air thoughts Tuesday”

MassterList on the current status of the Healey Administration’s tax reform and relief proposal, which includes an overhaul of the Massachusetts estate tax: No hearing has been scheduled on the tax reform and relief proposal Healey filed more than two weeks ago, and leaders in the House — where the tax bill must pass firstContinue reading “Massachusetts House drags its feet on legislation 2 months into session“

From CommonWealth Magazine: TEN OF THE state’s regional chambers of commerce are concerned they are not being heard on Beacon Hill, so they are banding together to speak with one louder voice. And on the estate tax specifically: Gov. Maura Healey has proposed a tax cut package that includes a reduction in the state’s estateContinue reading “Chambers of commerce fear not being heard, band together”

Boston Business Journal on Massachusetts Budget and Policy Center’s reaction to the Healey Administration proposed changes to the Massachusetts estate tax: MassBudget assessed three of Healey’s proposed tax credits as progressive, with a larger benefit for lower-income households, but argued that the governor’s two “highly regressive” tax cuts would outweigh the impact of the moreContinue reading “Healey’s tax plan will disproportionately benefit wealthier households, new report says”

MassLive reports on more reaction to the Healey Administration’s proposed tax relief package: Two of Gov. Maura Healey’s proposed tax breaks would disproportionately benefit the commonwealth’s wealthiest residents, while cutting into state resources that could be used for other critical needs, a new report states. The left-leaning Massachusetts Budget and Policy Center reiterated its criticismContinue reading “These tax breaks from Gov. Healey are regressive, benefit the wealthy, think tank says”

WBZ NewsRadio 1030 on some of the reaction to the Healey Administration’s tax relief package as it relates to the proposal to increase the Massachusetts estate tax filing threshold: Healey is deploying her political capital to press for a nearly $1 billion per year tax package that would roll out a new $600-per-dependent tax credit forContinue reading “Progressive Coalition Mulling Tax Questions For Ballot”

Providence Business News on how changes to the estate tax in Massachusetts could prompt it’s neighbor, Rhode Island, to make a similar move: Rhode Island is always looking over its shoulder at Massachusetts when it comes to taxes. So as Massachusetts Gov. Maura Healey proposes giving more Commonwealth residents a break on estate taxes, theContinue reading “Healey’s proposed estate tax threshold could have grave consequences in R.I.”

The Daily News of Newburyport covers Governor Healey’s tax relief pitch to lawmakers: During a livestreamed Statehouse hearing, Healey personally made a case to approve the spending plan and related legislation that calls for adjusting income-tax laws to increase deductions for low-income renters, tax credits for housing and child care, and an overhaul of theContinue reading “Healey urges lawmakers to approve budget, tax cuts”

The Eagle-Tribune covers the debate over the Healey Administration’s estate tax proposal. The proposal is part of a broader tax package that would, if approved by the Legislature, adjust income-tax laws to boost deductions for low-income renters, provide tax credits for housing and child care, and overhaul the estate tax. “We know some of theContinue reading “Healey’s plans to cut business tax faces pushback”

The Raise Up Massachusetts coalition explains it’s opposition to the Healey Administration’s tax relief package and, more specifically, the estate tax relief component of that package: WAMC: The coalition is now speaking out against Governor Maura Healey’s new $742 million tax plan. Can you explain why the coalition is speaking out against it, and howContinue reading “Group behind Fair Share Amendment effort in Mass. says Healey’s tax plan is “enormous windfall” for the 1%”

Masslive.com reports: 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 herContinue reading “Gov. Healey’s $750 million tax relief package seen as ‘stimulus’ for Mass. economy”

Politico reports on Boston Mayor Michelle Wu’s comment on Massachusetts Governor Maura Healey’s proposal to increase the estate tax exemption: That’s “outside the purview of the city of Boston,” Wu said. This post is a part of Old Colony Law’s Estate Tax Updates.

MassLive.com‘s editorial take on the Healey Administration’s estate tax proposal: Of particular note is Healey’s proposal to triple the estate tax threshold, essentially eliminating the tax on estates worth less than $3 million. Even her predecessor, Republican Charlie Baker, didn’t go that far when the Legislature and the governor considered doubling the threshold. Predictably, theContinue reading “Democrats should not dismiss Healey’s estate tax proposal (Editorial)”

Boston.com touches on the Massachusetts estate tax debate, noting that Raise Up Massachusetts, the group behind the so-called ‘millionaire’s tax’ amendment, is opposed to the Healey Administration’s estate tax proposal: But the group also argued Healey’s $742 million plans for tax relief, especially those that will benefit the state’s wealthiest residents by slashing the capitalContinue reading “How Gov. Healey wants to spend the ‘millionaires tax’ money”

CommonWealth Magazine covers Massachusetts Governor Maura Healey’s remarks to a Greater Boston Chamber of Commerce gathering: Healey talked up her proposed tax breaks for parents, renters, and seniors, but emphasized her proposals to treat all capital gains the same (right now short-term gains are taxed at 12 percent and all other gains at 5 percent)Continue reading “Healey tells business group no one will compete harder”

Alison Kuznitz at MassLive.com covers some of the reaction to the Healey Administration’s proposal to lift the Massachusetts estate tax threshold: Healey on Monday pitched overhauling the estate tax and short-term capital gains tax as a critical strategy to staunch an outward migration of Bay Staters and companies, as well as to lure newcomers whoContinue reading “Healey’s tax relief plan won’t spur the economic development Mass. needs, analysts say”

CommonWealth Magazine’s Bruce Mohl discusses how the estate tax is getting caught up on the so-called “millionaire tax” debate: THE POLITICAL FIGHT over the millionaire tax never seems to end. It took eight years for the state’s unions to win passage of a constitutional amendment assessing a 4 percent surcharge on income over $1 million.Continue reading “Fight over millionaire tax shifts to new arena”

WWLP News 22 covers the reaction to Governor Maura Healey’s estate tax proposal: Under Healey’s plan, the short-term capital gains tax would go from 12% to 5%. Healey’s plan would also increase when the estate tax kicks to $3 million. It would also offer up to $182,000 in a new estate tax credit. The RaiseContinue reading “Should Governor Healey cut estate and capital gains taxes for Massachusetts residents?”

Politico on the Healey Administration tax plan: Healey surprised Democrats on and off Beacon Hill by pitching an expansive tax-relief package that surpasses former Gov. Charlie Baker’s in scope and in cost. She’s calling for a $3 million estate-tax threshold, up from the $2 million marker floated last year. And she’s reviving a part ofContinue reading “Tax(relief)achusetts”

The Healey Administration announced its much-anticipated tax relief package today, which includes a proposal to increase the Massachusetts estate tax exemption from $1 million to $3 million. Here’s the press release announcing the package: It would also eliminate the estate tax for all estates valued at up to $3 million with a credit of upContinue reading “Healey Administration announces estate tax reform plan”

CommonWealth Magazine covers two different perspectives on the day the Healey Administration released its tax relief package, which included raising the Massachusetts estate tax exemption: TWO OF THE state’s leading budget analysts are split on whether Gov. Maura Healey’s tax reform package will make the state more competitive in retaining and attracting wealthy residents. OnContinue reading “A difference of opinion on estate tax, capital gains”

MassLive reports on Senate Republicans’ message to Governor Healey on her forthcoming tax relief package as it relates to the estate tax: Days before Gov. Maura Healey releases her highly anticipated first budget and an accompanying tax relief package, Senate Republicans have urged the new Democratic leader to pursue a series of permanent tax codeContinue reading “Here’s the tax relief Mass. Republicans want from Gov. Maura Healey”

The Eagle-Tribune on possible Massachusetts estate tax reform: BOSTON — A stalled package of permanent tax cuts is back on Beacon Hill’s agenda with lawmakers re-filing the proposals for the new legislative session. The proposals include plans to adjust state income tax laws, boost rent deductions, expand tax credits for housing and child care andContinue reading “Lawmakers to revisit stalled tax cut proposals”

The Sun Chronicle makes the case for changes to the Massachusetts estate tax: Leading the Democrats’ list must be a reform of Massachusetts’ estate tax. Right now, Massachusetts taxes estates of $1 million or more at a rate of 15%. Only one other state starts that low, Connecticut. And Massachusetts is the only state thatContinue reading “Our View: In 2023, let’s give taxpayers a break”

A Boston Globe opinion piece on the Massachusetts estate tax: Voters supported Question 1 on the November ballot, which amends the Massachusetts Constitution by adding a 4 percent tax surcharge on annual income over $1 million. That’s if you’re still alive. But you would still be advised not to die here anytime soon. While MassachusettsContinue reading “How to avoid the Massachusetts estate tax? Try not to die.”

The Eagle-Tribune previews the Healey Administration’s agenda, which is expected to include revisiting reforms to the state estate tax: BOSTON — The decision by legislative leaders to punt on a massive tax relief plan gives incoming Democratic Gov. Maura Healey the chance to mark her first notch as the state’s new chief executive with aContinue reading “Tax relief plan likely to top Healey’s agenda”