LYNN, Mass. (WBZ NewsRadio) — Breathing life into a debate that seemingly fizzled out in the statehouse over the summer, Governor Maura Healey brought forth a $859 million tax relief proposal that includes avenues for tax reform on estate and short-term capital gains. According to a summary provided by the administration, the proposal also looks to boost credit lines, allocating a fully refundable $600 credit per qualifying dependent, available at all income levels.
The package also focuses on housing costs for seniors and tenants, proposing to push the cap on rent deduction to $4,000 and doubling the Senior Circuit Breaker Credit.
The governor visited the YMCA in Lynn to lay out the details before the press. WBZ's James Rojas was there.
"Eliminating the estate tax for all estates valued at up to $3 million. Massachusetts is one of only 12 states that has an estate tax, and shares the lowest threshold of those 12 with the state of Oregon," Healey said.
Lieutenant Governor Kim Driscoll was alongside the governor to unveil the administration's plan to update Massachusetts to the tax standards a majority of the states within the country are running with.
"We have to acknowledge that there are some aspects of our current tax system that makes Massachusetts an outlier. Simply put, we're not leading when it comes to affordability— too many states are passing us by. Our administration is confident that the package we put forward today will make significant progress at driving affordability, driving competitiveness, and driving equity in Massachusetts. This all about relieving some of the economic pressures that are squeezing too many people and holding us back from reaching our true potential," Healey said.
The administration goes on to say that the package is aimed to put money back in the pockets of those families, renters, farmers, commuters, students, seniors, and small business owners.
WBZ's James Rojas (@JamesRojasNews) reports.