MassLive reports following Massachusetts Speaker of the House Ron Mariano’s comments on the House’s forthcoming tax relief package at a Greater Boston Chamber of Commerce gathering:
Mariano couldn’t say what the House’s tax package would cost, such as around $1 billion or closer to $500 million. But Mariano said his chamber does want to find a “meaningful” number that keeps Massachusetts competitive, which is a mounting concern among lawmakers and the Healey administration as a growing volume of Bay Staters and companies leave for other states like New Hampshire and North Carolina.
“There’s still a lot of numbers to run. A lot of it, it’s not scientific — it’s a bit unscientific at times,” Mariano said, as he cited divergent priorities among progressive and conservative lawmakers. “So I don’t know what it’s going to end up being, to be honest with you.”
Mariano also couldn’t divulge his chamber’s estate tax proposal, as lawmakers continue to iron out the details.
“We want it to be significant enough that it has an impact,” Mariano told reporters. “But we’re still putting all the pieces together. This is four, five, six moving pieces. We’re trying to get something that’s fair and balanced.”
Healey faced criticism earlier this week from some progressive lawmakers over her estate tax and short-term capital gains proposals — namely that those overhauls benefit the state’s wealthiest residents while taking resources away from other state programs and tax cuts for the most vulnerable Bay Staters. Still, Healey defended her plan as a vital tool to keep Massachusetts attractive in a post-pandemic era, where people have more flexibility over where they live and work.
This post is a part of Old Colony Law’s Estate Tax Updates.