Topics:
March 2, 2022 Last Edit: June 5, 2025
Governor Charlie Baker filed legislation saving Massachusetts taxpayers roughly $700 million.
Governor Baker Proposes $700M in Tax Cuts
- Matching who is subject to the state income tax to the federal threshold.
-
-
-
- $8,000 to $12,400 for single filers
- 16,400 to $24,800 for joint filers
- $14,400 to $18,650 for heads of household
-
-
- Doubling the senior circuit breaker property tax credit from $1,170 to $2,340.
- Raising the tax deduction cap for renters from $3,000 to $5,000
- Doubling the dependent care tax credit.
- $480 for single filers with one eligible dependent
- $960 for single filers with two or more dependents.
- $360 for household filers with one qualifying dependent
- $720 for households with two or more dependents
- Doubling the estate tax exemption from $1 million to $2 million and eliminating the cliff effect (by making the tax only applicable to amounts over $2 million).
- Reducing the state’s short-term capital gains tax from 12% to 5%.
State:
Get to know NFIB
NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.
Related Articles

October 17, 2025
Beacon Hill Update
Mass. lawmakers continue to file bills that will have significant impact on…
Read More

October 16, 2025
LISTEN: NFIB Texas Promotes Prop 9 on Y’all-itics & Smal…
Make your plan to vote ‘YES’ on Prop 9 today!
Read More

October 16, 2025
LISTEN: On The “Small Business Rundown” Podcast, NFIB Texas…
Prop 9’s passage would save Texas small businesses over $500 million annu…
Read More

October 16, 2025
Illinois SALT Workaround Provisions Set to Expire
Could impact S-CORPS and other small businesses in Illinois that file as pa…
Read More