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All You Need To Know About The State Senate’s Version Of The $590 Million Tax Relief Package That Was Approved Last Week

All You Need To Know About The State Senate's Version Of The $590 Million Tax Relief Package That Was Approved Last Week (Photo: The Boston Literary District)

The House is now joined by the Senate in passing its own version of the tax relief package, which aims to provide assistance to low-income families.

The Massachusetts State House (Photo: Goody Clancy)

All About the Senate’s Tax Relief Package

Since the $590 million tax relief package was approved last week, the Senate went to a different route in approving its own version of the bill. The Senate agreed not to include the tax cuts from short-term capital gains. Both the governor’s and the House’s plan drops the rate down to 5% from 12%. The Senate also closed a loophole from the “millionaire’s tax”. If a couple earns more than $1 million together, they could be free from paying the latest surtax if they separately filed. The Senate closed this loophole by mandating married couples to file a joint state tax return, granted if they filed a joint federal income tax return.

The Senate also made sure that the credits provided will help generate housing and give out incentives for tenants. In doing so, the Senate aims to address the housing crisis. Liz Miranda, a Senator from Boston, hopes that the strategy will make people stay in Boston since they lose up to 100,000 residents annually.

READ ALSO: People Of New Jersey Rebate Checks Still Waiting For The Property Tax

More About The Senate’s Version Of The Tax Relief Package

The maximum senior circuit breaker credit was also doubled by the Senate in their tax relief package. The dairy tax credit’s statewide cap has also been increased. Also, the employee offered student loan payment assistance is no longer counted as taxable income.

A compromise between the Senate and the House will be needed for their two separate bills before the governor will approve a final version.

READ ALSO: Extension Of The Deadline For The Pennsylvania Property Tax/Rent Rebate Program Has Just Been Approved

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