Details of a sweeping tax relief bill have been announced by legislative leaders in Massachusetts.
The legislation includes increases in the child and dependent tax credit, a reduction in the estate tax, a lowering of the tax rate on short-term capital gains, and several incentives to create new housing.
Renters and senior homeowners could claim larger deductions on their state income tax. Public transit fares, bike-to-work expenses, and regional transit passes would now be eligible for a commuter expense tax deduction.
The impact in this fiscal year will be $561 million. When fully-phased in three years from now, the total impact will be $1 billion, according to a summary of the legislation.
For more WAMC’s Pioneer Valley Bureau Chief Paul Tuthill spoke with Doug Howgate, president of the Massachusetts Taxpayers Foundation.
