BOSTON (WWLP) – The tax relief conference committee report was filed this week, after months of discussions.
A once-in-a-generation tax relief package sailed through the House Wednesday, and again through the Senate Thursday bringing the people of Massachusetts a step closer to that relief.
On Tuesday, a conference committee report was filed, bringing more than 18 months of negotiations to an end. The report will provide about $561 million in relief for the current fiscal year, and more than $1 billion in relief by 2027.
The House voted on the report Wednesday, and it received an almost unanimous consensus. The only dissenting vote was from progressive Democratic Representative Mike Connolly who felt the report did not go far enough for working people and went too far to help the rich and big business.
“We also have to keep in mind, who’s doing better than ever, and everyone else who is struggling, and so I think that this package does do many good things for those who are struggling, but I don’t believe in this particular moment with all these emergencies around us that we need to give more breaks to the super wealthy. I think we can say to the super-wealthy, ‘You need to do more to pay your fair share’,” Rep. Mike Connolly said.
The Senate approved the package in a 38-1 vote, with another progressive Democrat, Senator Jamie Eldrige casting the only dissenting vote. The package increases the Child and Dependent Tax Credit from $180 to $310 in 2023, and then to $440 in 2024 and beyond.
It also doubles the Senior Circuit Breaker Tax Credit to $2,400 and reduces the tax rate on short-term capital gains from 12% percent to 8.5% percent.
This will be one of the most significant pieces of legislation to reach Healey’s desk since she took office.