Massachusetts taxpayers could get some tax relief soon. Gov. Maura Healey and top lawmakers recently talked about sending tax relief from Massachusetts to residents. However, whether or not the tax relief will actually happen depends largely on key metrics, the lawmakers signaled.
Tax Relief From Massachusetts: What Is Gov. Healey Saying?
On Monday, Gov. Healey and top lawmakers hinted that a potential tax rebate from Massachusetts hinges on a key financial metric, which won’t be available until at least the end of January.
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After her first leadership meeting with House Speaker Ron Mariano and Senate President Karen Spilka, Gov. Healey said that they are closely monitoring the numbers to find out what options are available.
“We also know how important it is to make sure that we’re doing everything that we can for residents of the state,” Healey told reporters.
During her campaign, Healey promised to pursue progressive tax reform. Even last month, Gov. Healey reaffirmed her commitment to progressive tax relief.
“I certainly talked about that on the campaign trail, and it continues to be a priority,” Gov. Healey said. “And I’m certainly looking forward to working in collaboration — and obviously there’s a lot to be done.”
Last week, in the governor’s inaugural remarks, Healey called on the Legislature to support tax reform, including giving a $600 child tax credit. Along with offering tax relief from Massachusetts, Gov. Healey, on Monday, also didn’t rule out the possibility of sending one-time stimulus checks of $250 to middle-income residents.
Last month, Gov. Healey also signaled that her administration is evaluating the impact of Ballot Question 1, also known as the Millionaire's Tax or Fair Share Amendment. Such a tax is estimated to generate between $1.3 billion and $1.9 billion.
The Millionaire’s Tax proposes a 4% tax on income over $1 million, and it would be clubbed with the state’s 5% flat-tax rate on income. Healey had openly supported the ballot question.
Tax Relief Depends On This Key Financial Metric
House Speaker Ron Mariano, on Monday, said that an upcoming consensus revenue hearing would play a crucial role in gaining support for Gov. Healey’s tax relief plans.
Gov. Healey also made similar comments, saying lawmakers need to closely examine the consensus revenue forecast for fiscal 2024. The revenue forecast would assist the administration, and the House and Senate in coming up with their budget recommendations.
“We’ve all articulated priorities around the relief we want to provide to residents, and to folks and entities across the state — we’re just going to try to do so,” Healey said. “I know that at the end of the day, it’s going to come down to what we collectively see and what members see as the right way to go for things.”
Last week, Senate President Spilka expressed a commitment toward pursuing progressive tax relief. House Speaker Mariano, however, doesn’t seem so excited about tax relief.
“I just got sworn in — I haven’t thought about any of that stuff,” Mariano told reporters last Wednesday. "We haven’t formed an agenda.”
