Governor Baker’s Newly Proposed Tax Relief Plan Nears $700 Million

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BOSTON (WBZ NewsRadio) – Governor Charlie Baker released more specific information Wednesday about his budget proposal for the 2023 Fiscal Year.

The $48.5 billion plan is designed to support economic growth across the Commonwealth, sustain efforts to address the pandemic and make key investments in areas such as housing and healthcare.

However, the more impressive component of the budget is a comprehensive tax proposal that would allow nearly $700 million to stay in the hands of Massachusetts taxpayers on an annual basis.

Read More: Governor Baker Gives His Final State Of Commonwealth Address

Governor Baker during a press conference Wednesday said this proposal could be made possible because of how well the state is doing financially.

“Massachusetts is in a very strong financial position, enabled off of this tax relief, while continuing to make investments in our people, our schools and our communities.”

Read More: The Bittersweet Shoppe On Newbury Street Rolls With The Pandemic Punches

The plan proposes a number of initiatives like doubling the maximum Senior Circuit Breaker Credit, increasing the rental deduction cap from $3,000 to $5,000 and changing the short-term capital gains tax rate to 5%. More information about the governor's FY2023 recommendations can be found online.

WBZ's Carl Stevens (@carlwbz) has more:

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