Each child dwelling in Massachusetts might receive $440 under a tax relief scheme. In addition to more than a dozen other suggestions, the long-awaited proposal includes the restructuring of the child tax credit and would result in $1 billion in tax incentives by fiscal 2027.
Massachusetts Child Tax Credit
The three groups’ $180 tax credit will increase to $310 for the year and $440 in 2024 from its present level. Lawmakers hailed the plan as the nation’s most kind universal child & dependent tax credit.
The proposal would provide tax relief worth over $1 billion when fully implemented by fiscal 2027. It contains more than a dozen specific tax proposals, such as raising the child & dependent tax credit from 180 dollars to 330 dollars per kid or reliant in the current tax year to $440 in the following year. It also proposes eliminating the estate tax for estates under $2 million.
The Enhanced Child Tax Credit Of $1000
The expanded child tax credit will be the nation’s largest universal child & dependent tax benefit. With two kids, a low-income family will receive a real-money tax credit of more than $1,000.
The startling 565,000 families anticipated to benefit from the expanded child tax credit make it the most effective program of its kind in the country. It’s one of the best initiatives the state has ever created, and it allows residents to receive financial assistance to stay in their homes even if they don’t pay state income taxes.
The House as well as the Senate, which will vote on the plan this week, are anticipated to pass it. Then it will go to the office of Governor Maura Healey (D), who has said she will sign it.