Massachusetts

‘Money back in pockets’: New tax bill takes effect in Massachusetts in 2024

Published

2 years ago

January 1, 2024

‘Money back in pockets’: New tax bill takes effect in Massachusetts in 2024

BOSTON — The calendar officially flipped to 2024 at midnight on Monday and that meant a new tax law would take effect in Massachusetts.

In October, Gov. Maura Healey signed a new bill into law that will bring hundreds of millions of dollars in relief to taxpayers.

The entire tax relief package carries a financial impact of about $561 million this fiscal year and more than $1 billion annually starting in fiscal year 2027, according to state officials.

Since taking office, Healey has been pushing for tax reform, repeatedly stressing the need to make the cost of living more affordable to families.

“We are thrilled to deliver on our promise to pass tax cuts that will result in real savings for the people of Massachusetts, including the country’s largest child and family tax credit that will go back into the pockets of parents and caregivers,” Healey said after signing the bill. “Everywhere we go, we hear about how people are struggling to keep up with the rising cost of living. This tax package delivers savings for those who need it most while making long overdue changes that will better allow Massachusetts to compete with other states.”

The bill expands tax credits for parents and caregivers, reduces the estate tax, increases the earned income tax credit, and boosts breaks for renters, seniors, and low-income families, among other things.

“These tax cuts translate to real money back in the pockets of the people of Massachusetts every single year,” Lieutenant Governor Driscoll said. “Families, seniors, renters, businesses, and commuters will see hundreds of dollars in savings each year. Governor Healey and I look forward to spreading the word across the state that savings are here for the people of Massachusetts.”

The bill also requires payments made if Chapter 62F is triggered to be paid out equally amongst taxpayers and requires married taxpayers who file a joint return with the federal government to file a joint state return, subject to exemptions or adjustments promulgated by the Department of Revenue.

Here’s a full breakdown of the coming tax changes:

Child and Dependent Tax Credit

Increases the tax credit for a dependent child, disabled adult, or senior from $180 to $310 in taxable year 2023, and then to $440 in taxable year 2024 and beyond, per dependent, while eliminating the child/dependent cap.
This expanded credit, which will benefit more than 565,000 families, will be the most generous universal child and dependent tax credit in the country.

Estate Tax

Reduces the estate tax for all taxpayers and eliminates the tax for all estates under $2 million by allowing a uniform credit of $99,600.

Earned Income Tax Credit

Increases the earned income tax credit from 30% to 40% of the federal credit.
This increase will provide crucial support to working individuals and families, benefitting nearly 400,000 taxpayers with incomes under $60,000.

Single Sales Factor

Moves from a sales tax apportionment system that factors in property, payroll, and sales to an apportionment that only considers sales, thereby removing a disincentive for Massachusetts companies to hire or grow in-state and making it more attractive for companies to move headquarters in Massachusetts.

Senior Circuit Breaker Tax Credit

Doubles the maximum senior circuit breaker credit from $1,200 to $2,400.
This increase will make it easier for approximately 100,000 seniors who struggle with high housing costs to stay in their homes.

Rental Deduction

Increases the cap on the rental deduction from $3,000 to $4,000.
This change will support approximately 800,000 renters across the Commonwealth.

Short-Term Capital Gains

Reduces the tax rate on short-term capital gains from 12% to 8.5%.

Housing Development Incentive Program (HDIP)

Increases the statewide cap from $10M to $57M one-time, and then to $30M annually.
This increase will create an estimated 12,500 new homes in Gateway Cities, spurring over $4 billion of private investment in these communities.

Low-Income Housing Tax Credit

Raises the annual authorization from $40M to $60M.
This increased authorization cap provides enough funding to spur the creation of thousands of new units of affordable housing annually while also bolstering economic activity and ancillary market-rate housing.

Local Option Property Tax Exemption for Affordable Housing

Permits municipalities to adopt a local property tax exemption for affordable real estate that is rented by a person whose income is less than a certain income level set by the community.

Title V Cesspool or Septic System Tax Credit

Triples the maximum credit available from $6,000 to $18,000 and increases the amount claimable to $4,000 per year, easing the burden on homeowners facing the high cost of septic tank replacement or repair.

Additional Tax Changes

Lead Paint Abatement: Doubles the credit to $3,000 for full abatement and $1,000 for partial abatement, to support families with older homes.
Dairy Tax Credit: Increases the statewide cap from $6M to $8M, to provide more assistance for local farmers during downturns in milk prices.
Student Loan Repayment Exemption: Ensures that employer student loan payments are not treated as taxable compensation.
Commuter Transit Benefits: Makes public transit fares, as well as ferry and regional transit passes and bike commuter expenses, eligible for the commuter expense tax deduction.
Apprenticeship Tax Credit Reforms: Expands the occupations for which this workforce development credit is available.
Cider Tax: Raises the maximum amount of alcohol for these classes of drinks to 8½%, allowing more locally produced hard cider and still wines to be taxed at a lower rate.
Senior Property Tax Volunteer Program: Increases from $1,500 to $2,000 the maximum that municipalities may allow certain seniors to reduce their property tax by participating in the senior work-off program.

To read more about this bill, click here.

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Massachusetts

The Massachusetts beach towns better than Cape Cod, per Condé Nast

Published

8 hours ago

May 10, 2026

Press Room

The Massachusetts beach towns better than Cape Cod, per Condé Nast

Massachusetts residents love their beach towns.

And Condé Nast Magazine loves two particular beach towns in the Bay State, but surprisingly didn’t pick a beach on Cape Cod.

That’s why the towns were included on the magazine’s 2025 list of the 17 best beach towns on the East Coast.

“Whether you’re looking to lay out on the sand in summer or prefer walking along the water spotting wildlife and collecting rocks, the shores of the East Coast have a little something for everyone,” Condé Nast stated on its website.

Here’s more about the magazine’s favorite beach towns in Massachusetts.

Oak Bluffs ranked No. 5 on the list

Coming in at number 5 is one of the most popular spots on Martha’s Vineyard – Oak Bluffs.

What they said: “The colorful gingerbread houses for which Oak Bluffs is known are straight out of a storybook. Visitors walk straight off their boats into Ocean Park, a circular green overlooking the sea, encircled by said houses, with a frothy, delicate gazebo sitting in the center. Oak Bluffs has a long history of welcoming Black visitors, and today it is home to the annual African-American Film Festival.”

Rockport ranked No. 4 on the list

Rockport is a town on the North Shore of the Bay State.

What they said: “The coastal region is known for its excellent seafood, beautiful beaches, and historic landmarks. Many a good film has been filmed here as well, such as Martin Scorsese’s ‘Shutter Island’ and Kenneth Lonergan’s ‘Manchester-by-the-Sea.’

“Forty miles north of Boston, (Rockport) has a can’t-miss natural gem in Halibut Point State Park, from which visitors can spot Maine in the distance 80 miles away. Rockport is also beloved by art history buffs: it is home to Motif Number 1, a fishing shack with the superlative ‘the most-often painted building in America.’ It was built in 1840, and was a popular subject because it represented New England’s nautical character.”

What other regions of New England are on the list?

According to Condé Nast, they include:

Bar Harbor, Maine
Kennebunkport, Maine
Newport, Rhode Island
Hampton Beach, New Hampshire
Madison, Connecticut

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Massachusetts

Massachusetts town near Gillette Stadium presses for World Cup security funding

Published

20 hours ago

May 9, 2026

Press Room

Massachusetts town near Gillette Stadium presses for World Cup security funding

Up the road from Gillette Stadium, a town neighboring Foxboro is pressing for funding to meet public safety demands arising from the World Cup, with the first match just over a month away.

Walpole’s state delegation has written a letter to the state Office of Travel and Tourism requesting approval of the town’s request for nearly $200,000 to support “essential public safety personnel,” as officials expect “significant spillover impacts” from the premier soccer tournament.

As the Walpole/Foxboro town line on Route 1 is a handful of miles north of Gillette Stadium, officials are expecting increased traffic congestion and pedestrian activity to amount to “heightened public safety demands.”

“As outlined in the Town’s proposal,” the state delegation wrote in the letter it sent to the state last week, “Walpole will play a critical role in ensuring safe and efficient operations for both residents and visitors.”

“This funding will help close a critical gap and ensure that Walpole can safely support this internationally significant event,” the delegation added.

The state Office of Travel and Tourism confirmed to the Herald that it received the letter from state Reps. John H. Rogers, Paul McMurtry, Ted Philips and Marcus Vaughn and Sen. Mike Rush. The office said it will announce decisions in the coming weeks about round two of the $2 million grant program that supports municipal public safety needs tied to the World Cup.

The first round of the program, a $10 million competitive initiative, awarded funding earlier this year to 17 communities to support tournament-related events, including fan festivals, watch parties and regional activations.

This comes after the Foxboro Select Board battled the Boston Soccer 2026 nonprofit host committee and Kraft Sports & Entertainment, which operates Gillette Stadium, for months to ensure it received full funding to cover all security personnel and equipment.

In mid-March, the David vs. Goliath fight concluded, with Boston Soccer 2026 and the Krafts agreeing to cover Foxboro’s $7.8 million request.

Gillette, which will be rebranded as “Boston Stadium,” is set to host seven matches – five in the group stage and two knockout games – between June 13 and July 9. The World Cup is considered a SEAR 1 event, the highest risk level for public gatherings in the country.

“These matches will bring an excitement that this town has never seen,” Foxboro Police Chief Michael Grace said before the Select Board voted to grant an entertainment license for the matches to go on.

Gillette Stadium. (Stuart Cahill/Boston Herald)

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Massachusetts

The best Massachusetts high schools for athletes? According to one study, here are top 25

Published

1 day ago

May 9, 2026

Press Room

The best Massachusetts high schools for athletes? According to one study, here are top 25

No other city in the country boasts more championships than Boston, giving Massachusetts a sporting pedigree unlike any other.

What’s unique about many of the state is that several of the stars from those championship-winning teams were Massachusetts natives.

Before they were winning the Stanley Cup, the Super Bowl, the NBA Finals, World Series or a gold medal, those athletes were high school standouts.

Which high schools in Massachusetts are considered the best for athletes today?

According to a study conducted by Niche, which accounts for survey feedback from students and parents—accounting for “reviews of athletics, number of state championships, student participation in athletics, and the number of sports offered at the school”—and data from the U.S. Department of Education, these are the top 25.