Today, the House Committee on Ways and Means released their tax relief proposal. The plan includes 7 major provisions and carries a fiscal impact of $654 million in FY 2024. When fully-phased in after 3 years, the annualized cost of the proposal is $1.1 billion.
Though significantly larger, the proposal builds off the tax relief packages passed by the House and Senate in 2022, as well as Governor Healey’s $987 million tax package.
Today, Governor Healey announced the details of a tax relief proposal that she plans to file in conjunction with her Fiscal Year (FY) 2024 budget proposal on March 1st. The tax package, which has an FY 2024 budget impact of $742 million and an annualized impact of $986.5 million, shares key elements with House and Senate tax bills from 2022 and follows through on the Governor’s campaign promise to more than double the child and dependent tax credit.
Tax policy is at the forefront of the legislative and fiscal agenda in 2023 as the state implements the income surtax, reassesses a tax package that garnered bipartisan support last year, and welcomes a new gubernatorial administration that has made tax relief a major policy priority.
MTF is publishing eleven policy previews on these and other topics to help policymakers and the public begin the session with a clear understanding of where issues stand and the policy questions that must be addressed in the months ahead. Each preview:
