"The House and Senate have passed a compromise tax relief bill that would provide $561 million in tax breaks and credits this year, with the value growing to approximately $1 billion once the law is fully implemented in 2027.The House overwhelmingly approved the bill on Sept. 27, and the Senate did the same on Sept. 28. The governor, who has 10 days to review and sign the bill, has indicated her strong support.Provisions that would affect municipalities include property tax relief and housing incentives. The bill would:• Increase the maximum annual property tax deduction for seniors who provide volunteer services to a municipality from $1,500 to $2,000• Increase the maximum available “senior circuit breaker” property tax credit from $750 per year to $1,500 per year, prior to adjusting for inflation• Create a local-option property tax exemption for residential properties that are rented to households earning no more than 200% of area median income, and allow municipalities to determine the amount of the exemption and adopt ordinances and bylaws implementing these provisions• Increase the cap on Housing Development Incentive Program tax credits from $10 million to $30 million annually and allow for the distribution of any portion of the annual cap on credits that were not authorized in previous years, or of any credits that were returned"
Continue reading the article online at MMA -> https://www.mma.org/house-senate-send-tax-relief-bill-to-governors-desk/
Boston Globe coverage (subscription maybe required) -> https://www.bostonglobe.com/2023/09/28/metro/massachusetts-tax-relief-deal/
For the actual legislative language visit this page -> https://malegislature.gov/Bills/193/H4104
 |
| https://malegislature.gov/Bills/193/H4104 |
No comments:
Post a Comment