After campaigning to make Massachusetts more equitable and affordable, last month Maura signed our state’s first tax cuts in 20 years — and they’re BIG news.
The Healey Tax Cuts include more than a billion dollars in relief, getting money back in the pockets of families, seniors, renters, homebuyers, commuters, and more.
We wanted to give you a quick example of what the new cuts will look like.
Let’s say you’re a family of five – two parents and three kids.
Maura and the legislature increased the Child and Family Tax Credit to $440 by 2024, and got rid of the cap on dependents.
That’s $1,320 dollars back in your bank account.
Now let’s say your family rents an apartment in Springfield. Chances are, you’ll be able to take advantage of the full, now $4,000 rental deduction. Now you’re up to $5,320.
What if one parent spends roughly $700 on bus fares for them and the kids with the Pioneer Valley Transit Authority, and the other just bought a new bike, and spent a few hundred dollars on maintenance?
Now, you can write off up to $1,300 in commuter expenses. That brings your savings up to $6,620.
How you use your savings is up to you, but whether you put it towards paying the bills, a down payment on a new house, a college fund, or something else — that money will make building a life in Massachusetts easier.
Affordability matters. That’s why it’s so important we have a governor who’s made it a priority to bring down costs for everyone across our state.
And she’s only just getting started.
-Team Healey
P.S. Forward this email to anyone who might be curious about how the new tax cuts will look in action!