Gov. Healey and the House agree on a few items within their respective tax proposals — however, these current discussions are hardly the end when it comes to talks on tax reform. Learn more:
Gov. Maura Healeybut ultimately the details get decided in the State House. That process began in earnest Tuesday when House leaders
. It’s very similar to Healey’s proposal, but with some potentially big differences for your next return. Here’s a breakdown:The House plan would phase in several parts of Healey’s tax plan, including the $600 child tax credit. The House’s plan would increase the credit to $310 per-child or dependent in the first year and to $455 in the second year — before fully implementing it in 2026.
The House would also phase in Healey’s proposed cut to the short-term capital gains tax over two years . And they’re scaling back herWhile the House tax bill starts out cheaper than Healey’s plan, it actually ends up being bigger by the time it’s fully phased in — at a cost of $1.1 billion a year. That’s in part due to the addition of a proposed increase in
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