Photo courtesy of Alexius Horatius
BOSTON (AP) — House Speaker Ronald Mariano has unveiled a $654 million tax cut proposal aimed at helping seniors, renters, businesses and wealthier homeowners while rewriting the law that sent about $3 billion back to taxpayers last year.
The plan includes proposals the Democratic speaker said will help make Massachusetts more affordable and competitive.
The bill would increase the estate tax threshold from $1 million to $2 million.
It would also double the senior circuit breaker tax credit from $1,200 to $2,400 and increase the rental deduction cap from $3,000 to $4,000.
The House is expected to debate the bill Thursday.
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