The final deal caps off more than a year and a half of debate and takes aim at a pair of issues that have been top of mind for policymakers: the increasingly unaffordable cost of living, and a growing fear that Massachusetts is not competitive enough to attract the businesses and workers its economy needs.
The package's largest item, worth about $165 million this year and up to $307 million once fully implemented, is an overhauled child and dependent tax credit.
The bill would increase the Earned Income Tax Credit that supports lower-income families from 30% to 40% of the federal credit, double and index to inflation the maximum senior circuit breaker tax credit, and increase the cap on the rental deduction from $3,000 to $4,000, according to the summary. The accord would also slash the tax rate on short-term capital gains, which stem from the sale of assets held for a year or less, from 12% to 8.5%. Democrats had been divided on how to approach that reform, with the House originally supporting an eventual reduction to 5% and the Senate preferring not to touch the existing rate.
Under a seldom-used law passed by voters in 1986, Massachusetts must return excess tax revenue in proportion to what each taxpayer. Last year, when Beacon Hill owed nearly $3 billion back to residents, the highest-earning Bay Staters got rebate checks for thousands of dollars and lower-earning taxpayers received a few hundred dollars or less.
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