Topics:
October 2, 2023
Massachusetts October Legislative Update
- An estate tax exemption increases from $1 to $2 million, and the elimination of the cliff effect.
- Reduction in the short-term capital gains tax from 12% to 8.5%.
- Establishes a single sales factor apportionment based solely on receipts.
- Increases child and dependency tax credits to $440.
- Raises earned income tax credit from 30% to 40% of the federal credit.
- Increases senior circuit breaker tax from $1,200 to $2,400.
- Increases renters deduction from $3,000 to $4,000
State:
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