$590 Million Dollar Tax Relief Bill Approved by Senate

June 19, 2023

Photo courtesy of Alexius Horatius

HYANNIS – A $590 million dollar tax reform package was recently unanimously advanced by the Massachusetts Senate.

Cape and Islands state Senator Julian Cyr has been a driving force in the process by working on doubling lead removal tax credits, tripling the septic tax credit to $18,000, raising the threshold of the estate tax to $2,000,000, and more.

“The Senate’s tax relief bill includes significant wins for the Cape and Islands, including essential priorities on wastewater, housing affordability, public health, and health equity,” said Cyr.

“If adopted in the conference committee, Cape and Islands homeowners will see long-sought relief for costly septic upgrades and greater ease when planning for their families’ futures for generations to come thanks to a more accurate estate tax threshold. All while also giving our towns the ability to encourage a more robust year-round, affordable rental market,” Cyr said.

Alongside the tax relief, the bill will also direct multiple studies to help in the process of making changes.

Those studies include researching the feasibility of making advanced quarterly payments of the Child and Dependent Tax Credit, and the efficacy of an additional, elective entity-level tax of up to four percent on a portion of qualified taxable income in the Commonwealth.

The Senate and the House of Representatives will now reconcile both branches’ proposals differences in a conference committee.