Healey urges lawmakers to approve budget, tax cuts

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 the “death” tax.

And about halfway through the article:

Another proposal would overhaul the estate tax, which is charged to a decedent’s estate when their assets pass on to their beneficiaries. Massachusetts is one of only a dozen states to charge a “death” tax, which applies to an estate worth more than $1 million in value. Assets can include stocks and proceeds from life insurance policies, vehicles and other earthly possessions. Massachusetts is tied with Oregon for having the lowest triggering level.

Healey wants to raise the threshold triggering the estate tax to $3 million, which would cost the state an estimated $167 million in the next fiscal year.

This post is a part of Old Colony Law’s Estate Tax Updates.