BOSTON – Representative James Arena-DeRosa of the 8th Middlesex District (Holliston, Hopkinton, Sherborn, and precincts two and three of Millis), voted in favor of the state’s $561 million dollar tax relief legislation, which passed the House of Representatives on September 27th.
The House of Representatives and Senate released H.4104, “An Act to improve the Commonwealth’s competitiveness, affordability, and equity” on Tuesday, September 26th after months of negotiations between the two branches.
“I am thrilled to support this tax package, said Representative Arena-DeRosa. “It will help make the state more affordable, equitable, and competitive. This bill puts dollars directly into the pockets of low- and middle-income individuals, families, and seniors through targeted tax relief”.
Notable items in this tax package include a series of increases to tax credits, including the doubling of the Child and Dependent tax credit which will climb from $180 to $310 in FY23, and then $440 in FY24. The Senior Circuit Breaker was also doubled and indexed for inflation. Also receiving an increase was the Earned Income tax credit which rose from 30% to 40% of the federal credit.
The tax package also took aim at bolstering the state’s competitiveness. The threshold for the estate tax was effectively raised from $1 million to $2 million, and the short-term capital gains tax was lowered from 12% to 8.5%.
The Representative also supported two measures aimed at incentivizing housing production in the Commonwealth by increasing funding to the Housing Development Incentive Program and Low Income Housing Tax Credit.
Please contact jeffrey.meyers@mahouse.gov with any questions.