The Massachusetts Legislative Conference committee has released its final recommendations for changes to the state’s tax code. It will provide $561 million in relief for the current 2024 fiscal year and more than $1 billion by fiscal year 2027. This final report was voted on and passed by both the House of Representatives and the Senate. This bill cannot be amended and legislators will be asked to either support or reject the joint committee’s recommendations. It is now on the Governor’s desk awaiting her approval.
This bill contains increased tax credits for the construction of market rate and low-income housing, an increase in the estate tax threshold to $2 million, a reduction of the capital gains tax rate from 12 to 8.5 percent, the application of the single sales faction apportionment tax formula to all companies in MA with business locations in other states, and a tripling of the tax credits for the repair of septic systems from $6,000 to $18,000 per projects. The bill also contains other tax deductions for seniors, renters, and low-income residents as well as changes to the filing requirements for the Millionaire’s tax and the return of surplus revenues to taxpayers.
Click here to view a summary of the changes of interest that are contained in this legislation.
Please contact MRLDA Lobbyis, Patrick Huntington, at ph@mabayassoc.com if you have any comments or questions regarding any of these tax law changes.