BOSTON (WWLP) – Budget writers will have a new element to factor in with the recent passage of a new federal tax law after President Donald Trump signed a sweeping federal tax bill into law last month.
Speaker Robert DeLeo said the House will not be proposing any new broad-based taxes in its budget.
In a statement to 22News, DeLeo said, in part:
As we go through the budget process, we are mindful of how changes to the federal tax code will impact both Massachusetts residents and the local economy.
Two tax proposals could come before Massachusetts voters on the 2018 ballot: one is a proposal known as the “Millionaire’s tax” or the “Fair Share Amendment” that would place a 4 percent surtax on incomes above $1 million.
The other is a petition that would reduce the state sales tax from 6.25 percent to 5 percent. It’s also coupled with a permanent tax-free weekend.
DeLeo said the House is exploring ways to mitigate negative impacts for Massachusetts from the new tax code.