"THE HOUSE OF REPRESENTATIVES voted overwhelmingly on Thursday to pass its $1.1 billion tax relief bill exactly as pitched earlier this week. A provision that would adjust an obscure tax giveback law dominated most of the tax plan debate but ultimately made it through to the final bill unchanged.The mid-afternoon vote, which approved the package, 150-3, advances a measure that top House Democrats say will bolster the state’s competitiveness and affordability and bring tax rates in line with those in other states. Its top-line features are cuts in the short-term capital gains tax from 12 percent to 5 percent and raising the estate tax exemption from $1 million to $2 million, along with tax deductions targeting parents, caregivers, seniors, and lower income renters.“Let’s hope it makes us more competitive and people will hesitate before moving,” House Speaker Ron Mariano said earlier in the week about the tax package. “We don’t want you to leave. We want you to stay here.”The tax debate will now move to the Senate."
Continue reading the article online at CommonWealth Magazine ->
The legislation text can be found online -> https://malegislature.gov/Bills/193/H3770
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| CommonWealth Magazine: "Mass. House approves unaltered tax plan" |
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