The Massachusetts Legislature passed a comprehensive tax relief package that will provide relief directly to taxpayers. Please see the links for more information on attaining tax credits:
Senior Circuit Breaker Tax Credit
Link: https://www.mass.gov/info-details/massachusetts-senior-circuit-breaker-tax-credit
- Doubled the refundable senior circuit breaker tax credit, which supports seniors facing high rents or real estate taxes, from $1,200 to $2,400.
Child and Dependent Tax Credit
Link: https://www.mass.gov/info-details/massachusetts-child-and-family-tax-credit
- Increased the refundable tax credit for a dependent child, disabled adult, or senior from $180 to $310 per dependent in taxable year 2023, and then to $440 in taxable year 2024 and beyond, while eliminating the child/dependent cap
Earned Income Tax Credit (EITC)
Link: https://www.mass.gov/info-details/massachusetts-earned-income-tax-credit-eitc
- Increased the refundable Earned Income Tax Credit (EITC) from 30% to 40% of the federal credit
Rental Deduction Cap
Link: https://www.mass.gov/info-details/deductions-on-rent-paid-in-massachusetts
- Increased the rental deduction cap from $3,000 to $4,000
Estate Tax
Link: https://www.mass.gov/info-details/faqs-new-estate-tax-changes
- Reduced the estate tax for all taxpayers and eliminated the tax for all estates under $2 million by allowing a uniform credit of $99,600