Massachusetts Democratic Gov. Maura Healey unveils $742 tax relief proposal

Gov. Maura Healey unveiled a sweeping $742 cardinal taxation alleviation connection Monday that she said would supply savings for families, renters, seniors, farmers, commuters and others.

The measures, which Healey announced during a sojourn to a YMCA successful Lynn, besides see projected changes to nan tax code that she said will bring Massachusetts successful statement pinch different states, making it a much charismatic spot to live, activity and do business.

The taxation measures will beryllium revenge pinch lawmakers Wednesday on pinch Healey's first authorities fund proposal. Both would use to nan 2024 fiscal year, which originates July 1,

Healey said nan taxation measures were based successful portion connected conversations she and Lt. Gov. Kim Driscoll had while walking astir nan state.

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"I perceive from group who are struggling to get by arsenic nan costs of surviving continues to skyrocket past them — nan family watching their market measure turn each week, nan young mom who wants to return to her dream occupation but can’t spend kid care, nan caller assemblage postgraduate who can’t spend some his rent and student indebtedness payments," Healey said.

Members of nan Massachusetts Senate Republican Caucus sent a missive to Healey past week urging her to adopt taxation alleviation aimed astatine seniors, renters, little income families and others.

"We want Gov. Healey to cognize that we stock nan privilege of enacting taxation reforms," said Senate Minority Leader Bruce Tarr, including changes targeted astatine nan "the precocious costs of housing, seniors trying to enactment successful their communities, nan escalating value of limited and kid attraction support, and nan important economical burdens faced by low-wage earners."

Massachusetts Governor Maura Healey speaks astatine a edifice connected Jan. 26, 2023. Healey unveiled a $742 cardinal taxation alleviation connection connected Monday. ( Lane Turner/The Boston Globe via Getty Images / Getty Images)

Healey's connection includes a caller taxation in installments that would supply families pinch a $600 in installments per dependent, including children nether 13, group pinch disabilities, and elder dependents ages 65 and older. The taxation in installments would costs nan authorities astir $458 cardinal and thief astir 700,000 taxpayers.

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The measures would besides summation nan state's rental conclusion — presently constricted to 50% of rent up to $3,000 — to $4,000. The alteration would costs nan authorities astir $40 million, while helping offset lodging costs for 880,000 renters, she said.

The management is besides proposing doubling nan elder circuit breaker in installments from $1,200 to $2,400 for low-income seniors pinch precocious spot taxes aliases rent, which would thief astir 100,000 seniors enactment successful their homes.

The connection now heads to nan Massachusetts House and Senate. Both chambers are controlled by Democrats who will apt make changes earlier arriving astatine a azygous discuss type to nonstop backmost to Healey.

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Healey's measure would besides trim nan short-term superior gains taxation from 12% to 5%. Wisconsin and South Carolina are presently nan only different states that taxation short-term superior gains astatine a higher complaint than semipermanent superior gains, according to nan administration.

The connection would besides destruct nan property taxation for each estates weighted astatine up to $3 cardinal pinch a in installments of up to $182,000. Massachusetts is 1 of only 12 states that has an property taxation and shares nan lowest period of those twelve pinch Oregon, according to Healey. It would trim nan taxation load connected smaller estates.

Other elements successful nan measure are aimed astatine benefiting dairy farms, encouraging unrecorded theatre productions, promoting locally produced difficult cider, and aiding student borrowers and bicycle commuters.