Photo courtesy of Alexius Horatius
BOSTON (AP) – The Massachusetts Senate unveiled a long-awaited $590 million tax relief proposal as the Democratic-led Senate and House, and Democratic Gov. Maura Healey, work to come up with a final tax-cutting plan.
The Senate proposal would increase the rental deduction cap from $3,000 to $4,000, increase the child and dependent tax credit from $180 to $310 per child or dependent and bump up the earned income tax credit from 30% to 40% of the federal credit.
The Senate, like the House, would also raise the state’s estate tax threshold from $1 million to $2 million.
The Senate is expected to debate the bill next week.
The Associated Press
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