In Boston, Governor Healey and Lieutenant Governor Driscoll Highlight Efforts to Small Businesses Support Businesses, Workers and Economic Competitiveness
Boston — Today, Governor Maura T. Healey visited State Street Global Headquarters as part of her Cutting Taxes, Saving You Money tour to highlight the provisions of her tax cut package that will help the businesses, workers and economic competitiveness across Massachusetts. Governor Healey’s tax cuts package expanded the apprenticeship tax credit, lowered the short-term capital gains and increased the Dairy Tax Credit cap to make Massachusetts more competitive.
"If we want to grow Massachusetts’ economic competitiveness, we need to make our state more attractive for people to start and grow businesses. That requires making life more affordable so that entrepreneurs and workers can live here and stay here,” said Governor Healey. “We also need to lower barriers for workers to get the skills that employers are looking for to fill openings in their workforce. We’re proud that the tax cuts package we recently signed into law delivers on these priorities.”
“If we want to help people stay in Massachusetts, we need to make it easier to do business here, and these cuts are a strong step forward,” said Lieutenant Governor Driscoll. “We are cutting taxes and saving money for small, medium, and large businesses, so they can compete better, hire more workers, and invest more in our state.”
“These tax cuts will make Massachusetts more affordable and competitive by attracting workers to our state, keeping more business activity and job growth, and stimulating our economy,” said Economic Development Secretary Yvonne Hao. “We’re grateful to the Governor and Lieutenant Governor for putting forth this package and to the Legislature for passing it. This is a big win for our state’s competitiveness.”
“The tax relief package that was recently enacted is one that will not only make the Commonwealth more competitive but also shows a responsiveness to today’s economy and compassion to the needs of our residents of all different needs,” said Representative Aaron Michlewitz, Chair of the House Committee on Ways & Means (D-Boston). “I want to thank my partners in the Legislature, especially Speaker Ron Mariano for helping us see this well rounded tax package over the finish line. And I want to thank Governor Healey and her entire administration for giving new life to tax relief this year and for championing such a worthy cause.”
Provisions of the tax cuts package that will make Massachusetts more competitive include:
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Short Term Capital Gains – Reduces the tax rate on short term capital gains from 12% to 8.5%
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Dairy Tax Credit – Increased the statewide cap from $6 million to $8 million, to provide more assistance for local farmers during downturns in milk prices
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Apprenticeship Tax Credit – Expands the occupations for which this workforce development credit is available
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Cider Tax – Raises the maximum amount of alcohol for these classes of drinks to 8.5%, allowing more locally produced hard cider and still wins to be taxed at a lower rate
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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
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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 headquarter in Massachusetts
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Student Loan Repayment Exemption — Ensures that employer student loan payments are not treated as taxable compensation
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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
The tax cuts package included necessary support for families, seniors and businesses as well. On October 5, Governor Healey and Lieutenant Governor Driscoll visited Gardner Elementary School and the Haverhill YMCA to celebrate the nation’s most generous Child and Family Tax Credit. On October 10, Governor Healey and Lieutenant Governor Driscoll visited the Northborough Senior Center to celebrate doubling the Senior Circuit Breaker Tax Credit and additional tax cuts to save seniors money. On October 18, Governor Healey and Lieutenant Governor Driscoll visited St. Mary’s the Morningstar in Pittsfield to celebrate savings for senior homeowners. Yesterday, Governor Healey visited both Yarmouth and Attleboro to highlight her efforts to make housing more affordable.
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