BOSTON (WWLP) – A long-awaited promise soon to be realized on Beacon Hill, Governor Maura Healey will sign a massive tax relief bill Wednesday afternoon.
This was a campaign promise for the Healey Administration and has been in the works since before they started their campaign, marking the first major tax cuts in the state in more than 20 years.
The bill is expected to provide $ 561 million for tax relief for the fiscal year 2024 and will grow to a total impact of more than $1 billion by 2027.
A few highlights, a major bump in the child and dependent tax credit, increasing the refundable tax credit for a dependent child from $180 to $310 in 2023, and then to $440 next year, with no child or dependent cap, which will benefit more than 565,000 families.
In addition, the bill raises the earned income tax credit lowers short-term capital gains taxes, and has a number of reforms to increase housing supply and make the shelter more affordable.
The bill signing ceremony will be held at the state library on Wednesday afternoon.