Last Thursday, the State Senate approved the $590 million tax relief package that would extend tax credits for child care, housing, etc.
The State House in Massachusetts (Photo: The Freedom Trail)
The State Senate on the Tax Relief Plan
The State Senate last Thursday approved a tax relief package worth $590 million. The package would extend the tax credits for child care, housing, seniors, renters, and estate taxes. The legislation includes permanent tax changes which aim to provide tax relief to people who are struggling just to put food on the table. It would also deal with the high inflation rates and would help establish new businesses and attract potential residents.
Senate President Karen Spilka said that Massachusetts needs a sustainable, effective, and permanent tax relief package since families are currently facing financial difficulties in almost every aspect of living. In general, the legislation aims to increase rental deduction, overhaul estate taxes, increase the tax credits for the Low Income Tax Credit program, double the maximum circuit breaker credit for seniors, and increase the child and dependent tax credits.
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Democrats And Republicans In The Bill
During the debate for the bill last Thursday, Minority Leader Sen. Bruce Tarr and other Republicans stated that more relief is necessary to improve the overall climate of the business industry. Democratic leaders were also urged by business groups to support the amendments which would help restore the tax cuts and for the expansion of the tax relief.
However, Senate Democrats insisted that only the wealthiest of the state would actually benefit from cutting the business tax. All in all, the tax relief plan would cost $590 million, according to Senate Democrats. A similar budget should be expected for the next fiscal year to come.
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